British businesses are trying to out do each other with their green credentials. It started with the retail sector as the UK’s biggest supermarket chain, Tesco, said it would cut its carbon emissions and reduce prices on energy efficient products. Over the next five years it will spend 760 million euros on various initiatives such as a “carbon calorie counter” to help its customers follow a low-carbon lifestyle.
Spending on so-called ethical consumption in the UK is estimated to be worth more than thirty eight and a half billion euros annually and half of British residents say they buy ethically.
Another high street giant, Marks & Spencer has unveiled a 300 million euro eco-plan, including becoming carbon neutral over the next five year. It said its packaging and clothing will all be biodegradable or compostable and none of its waste will be dumped in landfill sites.
British Telecom has also just pledged to cut its carbon emissions by 80% over the next decade. The former UK telecoms monopoly believes its green policies saved it nearly 150 million euros last year.