Lookfantastic parent company and tech platform provider, THG, has set out its 2030 sustainability strategy, which includes the ambitious goal to be “climate positive” and offset all its historical emissions since its inception in 2004.
In a wide-ranging sustainability strategy plan, dubbed ‘THG x Planet Earth’, the company broke down commitments into three key chunks: protecting climate and nature; strengthening its supply chain and circularity; and empowering people and communities.
THG has targeted publishing a Net Zero roadmap aligned to science-based targets by next year, while transitioning to 100% renewable electricity for its own operations by 2025 and reducing water use in water stressed and own operation sites by 30%.
The business’s sustainability strategy also targets making 100% of its own brand packaging recyclable, reusable or compostable by 2025, as well as making sure the organisation is recycling more plastic than it produces.
Matthew Moulding, executive chairman & CEO of THG, which also owns Myprotein and several other fitness and beauty brands, said the business wanted to act as “a force for good”.
“More importantly, we are using our access to capital to invest in and influence environmental and societal changes that will benefit our planet today and create a sustainable future for generations to come,” he added.
“Publishing our goals is our first step, and next year we will publish our roadmaps to achieving each milestone target towards 2030. We have always been fast-paced, agile and responsive to changes in the market, and our sustainability strategy is no different – while we have our sights set on the year 2030, we will certainly do our best to achieve more and work in partnership with others to accelerate the pace of positive change.”
THG has confirmed its recently-created sustainability committee – which includes chief sustainability officer, Phil Pratt – will oversee and review the green strategy.
The company also said that from 2022, Moulding and members of the executive board and senior leadership team will each be set relevant sustainability-linked objectives which will impact their remuneration.
THG’s new sustainability strategy was announced amid an unsettling backdrop for the business.
The company was prompted into making a public announcement today following a dramatic drop in its value by almost £2 billion in recent weeks. It said “it knows of no notifiable reason for the material share price movement”, and told investors that it continues to meet targets set when it floated just over a year ago.
[Image credit: THG]