We will achieve net zero by 2040
The climate crisis remains one of the greatest threats to our planet and we recognise the impact this has on business and supply chains, including our own. Addressing our climate risks and opportunities is a part of our Sustainability and Social Impact strategy.
We support the Task Force on Climate-related Financial Disclosures ('TCFD') and its recommendations, and we're committed to assessing the impacts of climate risks and opportunities across our operations and supply chains. Understanding the impacts of climate change on our business provides us with the opportunity to develop a strategic response to mitigate the risks, whilst building on the opportunities this presents for Currys.
We have carried out quantitative scenario analysis and disclose our progress in line with the recommendations of the TCFD in our 2022/23 Annual Report. We comply with seven of the recommendations and continue to work on fully addressing the remaining four where we believe we are currently partially compliant. You can read more about our governance structure, strategy, risk management, metrics and targets in our Annual Report.
We report our energy consumption and Scope 1, 2 and 3 greenhouse gas emissions in our Annual Report and more information is available in our Policies and Disclosures page. We also continue to respond to the CDP questionnaire on Climate Change, demonstrating on corporate environmental ambition, action and transparency.
We also continue to respond to the CDP questionnaire.
Net Zero Emissions
Net zero is the future and we're committed to achieving net zero emissions by 2040 by reducing the impact of the energy and resources we use in our operations - but also in our wider value chain.
Our emissions reduction targets to reduce Scope 1, 2 and 3 greenhouse gas (GHG) emissions by 50% across the Group by FY2029/30, have also been approved by the Science Based Targets initiative, as consistent with levels required to meet the goals of the Paris Agreement. We also support the British Retail Consortium's Climate Action Roadmap, committing the UK retail industry to be net zero by at least 2040.
We achieved a 43% reduction in Scope 1, 2 and 3 emissions against a 2019/20 baseline. View our Energy & Carbon data in the Sustainable Business chapter of our 2022/23 report.
We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) ISAE 3410 for selected energy consumption, e-waste and GHG emissions. View their assurance statement 2022/23
Progress to achieving net zero is one of two environmental metrics in our annual bonus scorecard, aligning our ESG goals with our reward framework. We met and exceeded our colleague bonus scorecard target on Scope 1& 2 emissions reduction in 2022/23.
We have joined the Business Ambition for 1.5°C and committed to credible net-zero target in line with a 1.5°C future. In doing so, we join a network of visionary corporate leaders taking robust climate action.
The following table details Currys’ emissions.
Our Basis of Reporting includes an assessment of the relevant Scope 3 categories for Currys
*We engaged KPMG LLP to undertake independent limited assurance under ISAE (UK) 3000 and ISAE 3410 for selected energy consumption, e-waste and Scope 1 and 2 GHG emissions which have been highlighted with an *. KPMG LLP’s assurance opinion is qualified in respect of Scope 2 Market and Location Based emissions. For more details of the scope of their work, please refer to their assurance opinion on our website, www.currysplc.com/sustainable-business/policies-disclosures.
For numbered footnotes please refer to page 54-55 of the 2022/23 Annual Report.
Scope 3 emissions
Our Scope 3 emissions include the indirect emissions from across our value chain which account for over 99% of our total emissions. The most material impacts are within purchased goods and services and the use of sold products. We will achieve reductions in these emissions through a programme of activities involving our suppliers, our manufacturers and through colleague engagement.
We are to committed to reducing our absolute Scope 3 GHG emissions from purchased goods and services and use of sold products by 50% by 2029/30 from a 2019/20 base year. We have achieved a 43% reduction to date. This reduction is a result of continuing to increase granularity and use of more primary data to calculate our Scope 3 emissions, as well as changes in our product mix and grid greening.
In 2022/23 we introduced a new cross functional, Group-wide working group to develop and enhance our approach to reducing Scope 3 emissions. The group is led by our UK & Ireland Commercial team supported by specialists from across the Group. We are building our short-term plan for Scope 3 emissions, extending this to cover our business planning horizon and then set out a roadmap to 2030 and 2040 net zero during 2023/24.
Renewable Energy Sources
100% of our properties in the UK, Ireland, Greece, Cyprus, Sweden, Norway, Finland and Denmark are powered by renewable electricity, including sites where we aren’t responsible for the supplier contract. We also have four UK sites with Solar PV installed, with a capacity of over 2MWp, reducing our emissions by approximately 303 tonnes of CO2e.
Low carbon fleet
We are a signatory to the Climate Group’s EV100 initiative and are fully committed to transitioning 100% of our company cars and small van fleet and 50% of our medium to heavy fleet to electric or alternative fuel fleet by 2030. EV100 is a global initiative bringing together companies committed to accelerating the transition to electric vehicles.
Our approach is to run trials for up to a year with a number of different drivers to give them a true on-the-job experience and to gain their feedback. Feedback has been positive which will help support our business case for expanding the use of these vehicles. To support our journey, we’re pleased to share that we have welcomed our first ever Compressed Natural Gas (CNG)-powered vehicle. Its arrival represents another important milestone as part of our EV100 commitment. Read more about our focus on fleet decarbonisation.
To help us reduce our emissions we’ve also teamed up with TRAILAR. Read about our partnership: New Year, New Fleet: Investing responsibly with TRAILAR technology | Currys PLC.
We are also targeting reductions through improved driver training, the use of telematics and our ‘in-cab’ driver alert system and implementing ISO50001.
And if you’d like more detail, our environmental policy covers the impact of our operations, products and services - including everything to do with energy and greenhouse gas emissions, materials and resources, our suppliers, our customers, legislative compliance and risk.
We continue to take action to reduce our use of energy through the rollout of LED lighting, the optimisation of our building management system control for heating, ventilation and air conditioning (‘HVAC’) systems, and reducing lighting with various trials and improved reporting of consumption and monitoring.
- We have set a target to operate 100% LED coverage in all new buildings by 2025 – we made progress in 2022/23 and now 85% of our UK & Ireland portfolio uses LED technology as the main source of lighting.
- Building Management System optimisation of HVAC systems in the UK & Ireland reduced the energy used in 187 stores with an electricity saving of 3,521,755kWh.
- In November 2022, our first Kotsovolos store obtained an A class energy efficiency certificate – one of very few in Greece
For more information, read the Sustainable Business chapter of our 2022/23 Annual Report.