John Lewis signs £420m credit facility towards environmental targets

By Austyn King 1-Nov-2021

The department store stalwart has pledged to cut its carbon emissions to net zero by 2035 and end the use of fossil fuels across its transport fleet by 2023

As world leaders continue to debate the ongoing climate crisis at the COP26 in Scotland, John Lewis has renewed its commitment to environmental targets by signing a new £420m five-year revolving credit facility to help the company further its sustainable goals.

Provided by seven banks, the UK department store stalwart will use the latest financing to contribute to its existing sustainability commitments, which include reducing its carbon emissions to net zero by 2035; cutting food waste in half across its Waitrose arm by 2030; and by the same year, ending the use of fossil fuels across its transport fleet.

Bérangère Michel, Executive Director for Finance at the John Lewis Partnership, said: “This is an important agreement for the Partnership. It is critical for businesses to align financial strategy with sustainability goals in order to address climate change.

“I am pleased that the Partnership is living up to its sustainability commitments and its purpose by making this very important step.”

The latest agreement comes as the employee-owned business has ramped up its environmental efforts alongside other big beauty hitters such as L'Oreal, Shiseido and Unilever by pledging its commitment to the Science Based Targets Initiative Business Ambition for 1.5°C, which brings companies together to develop climate action based on the Paris Climate Accords, as well as the UN's Race to Zero campaign, urging countries and business alike to slash their carbon emissions.

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Operating 42 stores across the UK as well as its online business, John Lewis stocks a wide range of beauty and skin care brands including Chanel, Dior, Estée Lauder and Charlotte Tilbury, and plans to bring a number of new brands on board to join its beauty portfolio this year.

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