METRO Inc. commits to set company-wide emission reduction targets in line with the Science Based Targets initiative Standard
Montreal, November 7, 2023 - Following its commitment in October 2022 to rigorously evaluate the feasibility and costs of achieving the Science Based Targets initiative (SBTi) Net-Zero Standard, METRO (METRO) (TSX: MRU) reviewed and adjusted the scope of its existing objective by committing to set near-term company-wide greenhouse gas (GHG) emission reduction targets in line with the SBTi Standard.
METRO’s new near-term science-based targets (SBT), which have yet to be approved by SBTi, are consistent with the level of decarbonization required to keep global temperature increases to 1.5°C compared to pre-industrial temperatures. Our targets with a 2023 base year will consist of:
Reducing absolute scope 1 and scope 2 GHG emissions by 42% by 2030;
Having 45% of our suppliers by spend with science-based targets by 2028;
Reducing absolute scope 3 GHG emissions from purchases of goods and services by 25% by 2030;
Reducing absolute scope 3 GHG emissions from downstream transportation and distribution by 25% by 2030;
Reducing scope 3 FLAG GHG emissions by 30% by 2030.
Our plan outlines six emission reduction priorities: use natural refrigerant; invest in renewable energies; electrify part of our fleet of vehicles and improve its fuel efficiency; engage with key suppliers to reduce their emissions; install EV chargers for customers; and reduce food waste in the value chain. We will continue reviewing our priorities and goals as technologies evolve and will keep evaluating the feasibility of a Net-zero target.
METRO becomes one of the first Canadian companies to commit to set targets to reduce GHG emissions originating from ‘forests, land and agriculture’ (FLAG). With our new commitment, we are not only tackling emissions related to energy and industry, but also our scope 3 FLAG emissions within our supply chain.
“Committing to set near-term and FLAG targets, while continuing to evaluate a Net-zero target in our decarbonization plan, is the best path forward for our company to address climate change. We are setting science-based targets that are ambitious but realistic. We are also demonstrating our commitment to review our goals and our priorities regularly as technologies evolve” said Eric La Flèche, President and Chief Executive Officer.
About METRO Inc.
With annual sales of more than $19 billion, METRO Inc. is a food and pharmacy leader in Québec and Ontario, providing employment to more than 95,000 people. Its purpose is to Nourish the health and well-being of our communities. As a retailer, franchisor, distributor, manufacturer, and provider of eCommerce services, the company operates or services a network of 975 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, and 645 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners. For more details, visit corpo.metro.ca.
Forward-Looking Statements
This press release contains forward-looking statements which reflect management’s expectations relating to expected future events including, but not limited to, statements relating to GHG emissions reduction targets and their achievement as well as their approval by SBTi. These forward-looking statements typically contain future or conditional tense verbs and the words “target”, “will”, “risk”, “objective” “believe”, “plan” or other similar terms. These forward-looking statements are not facts, but only reflections of management’s estimates and expectations. Although METRO believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to differ materially from management’s expectations as set forth in such forward-looking statements for a variety of reasons, including market, climate and general economic conditions and the risks and uncertainties discussed in the “Risk Management” section of its 2022 Annual Report.
The forward-looking statements included in this press release are made only as of the date hereof and METRO does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise. Considering these risks, uncertainties and assumptions, the forward-looking events contained in these forward-looking statements may or may not occur. METRO cannot assure that projected targets, approvals, results or events will be achieved.