- Shoprite plans to invest in green projects to reduce its carbon footprint.
Retailer Shoprite has announced its financial close of R3.5 billion for green investments to accelerate South Africa’s energy transition strategy. The finance constitutes loans from Standard Bank (R2bn), sustainability-linked loans (R800bn) and RMB (R70bn).
The company’s sustainability manager, Sanjeev Raghubir, noted that the loans enabled them to continue on the road to reducing their environmental footprint by using more renewable energy, sustainable packaging and recycling more waste.
“These environmental programmes are key in our fight against climate change, and we can increase the pace and intensity of our actions with these loans,” Raghubir said.
The group said the loans would be used to expand the group’s investment in renewable energy and increase energy from renewable sources as a percentage of total electricity consumption. It also plans to increase cardboard and plastic recycling, sustainable packaging comprising reusable, recyclable and compostable packaging, energy efficiency, including LED lighting, and a monitoring system for refrigeration to reduce energy consumption and waste.
The group said these investments would enable it to expand on the substantial investments it has already made.