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Royal Mail PLC (LSE:RMG) has pledged to become a net-zero emissions company by 2040, some ten tears earlier than previously indicated.
The ambitious environmental plan helped give Royal Mail shares a 3.6% boost to 311p on Monday afternoon.
In a statement, Royal Mail that it plans to reduce CO2 emissions by 75% per item and to make sending a package the carbon equivalent of brewing a cup of tea.
As well as moving its net-zero target forward by a decade, it also wants to cut scope 1 and 2 emissions by 25% by 2026, and a further 25% by 2030, compared to 2020 emissions.
The Step to Zero plan involves rolling out more electric vans, with 5,500 earmarked for spring 2023, using more renewable electricity across its business, reducing domestic flights and replacing them with rail, embracing the circular economy and collaborating with electric vehicle manufacturers for the 10 billion letters and parcels it delivers every year.
Royal Mail said it will invest £12.5mln in charging infrastructure across the country this year and trial the use of drones, micro-electric vehicles and van optimisation for deliveries on foot.
Every year, its environmental, social and governance report will get an independent audit with the group also calling for industry-wide standardised reporting on emissions (CO2e) per parcel for UK deliveries.
Simon Thompson, chief executive, said: “A seven-day parcel service, to and from the customer’s door, delivered by a postie you trust and with the lowest emissions is the winning proposition.”
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