Tesco CEO Ken Murphy urges UK politics to adhere to net zero promises to foster business investment confidence.
- Murphy’s appeal follows Tesco’s growth of its low-carbon fertiliser initiatives, marking a significant stride in sustainable agriculture.
- He highlights the potential of green innovation to transform the food industry, cutting costs and emissions effectively.
- The current investment levels in the UK’s green initiatives are lower than desired, prompting a call for government and industry collaboration.
- Tesco’s efforts, including an extensive fertiliser trial, demonstrate viable alternatives to conventional agricultural methods.
Tesco’s CEO, Ken Murphy, has voiced a powerful call for UK political parties to uphold their net zero commitments, asserting that such action is crucial for instilling confidence in business investments. This declaration was made during his address at the Reuters Impact conference, where he introduced Tesco’s ambitious expansion of its low-carbon fertiliser programme. This initiative is currently the UK’s largest commercial field trial of its kind, showcasing Tesco’s dedication to sustainable development in agriculture.
Murphy emphasised the transformative potential of green innovation within the food sector, stating that it can significantly reduce costs, enhance food security, and foster green growth. He remarked, “As we work to protect customers and suppliers from rising costs today, we must also do all we can to safeguard the shopping basket from shocks tomorrow. This means building a more resilient, sustainable and productive food system.”
Despite these advances, Murphy noted that the UK’s investment in such innovations lags behind the OECD average. He urged both the government and industry to collaborate, enabling large-scale innovations that are crucial for the country’s economic and environmental resilience. He pointed out the necessity for stability and assurance in future policies to encourage investment confidence in the food industry.
Tesco’s leading role in promoting sustainable farming is exemplified through their low-carbon fertiliser trials. These trials involve a partnership with suppliers, aiming to increase the acreage cultivated with low-carbon fertilisers tenfold by 2024. This expansion follows a successful pilot year, where 1,400 hectares were cultivated, producing 70,000 tonnes of produce with reduced carbon emissions. Initial results indicated that these alternative fertilisers halved emissions compared to conventional ones, without sacrificing effectiveness.
The supermarket plans to escalate the trial to 13,000 hectares next year, supporting the widespread adoption of these low-carbon approaches among its Sustainable Farming Groups. This initiative not only offers a cost-effective solution amidst soaring conventional fertiliser prices but also underscores Tesco’s commitment to sustainability and innovation in food production.
Tesco’s expansive efforts highlight the critical need for political and industrial alignment on net zero targets to drive sustainable progress.
