Kingfisher, the international home improvement company, has unveiled plans to invest £50 million ($160 million) in renewable energy as part of a plan to reduce its grid energy consumption by 10% in the next two years.
Roll-out of photovoltaic (PV) solar panels will commence immediately in the UK and France on distribution centres and selected stores, and is expected to be rolled-out to the majority of the 10 countries in which Kingfisher operates. Other future renewable energy sources will include air source heat pumps, combined heat and power boilers and new fuel cell generation.
The organisation has an aspiration for every Kingfisher store and customer’s home to be zero carbon or generate more energy than it consumes by 2050 and has already reduced its property portfolio’s energy intensity by 17% since 2010 - delivering its 2016 milestone ahead of schedule.
Its main brands are B&Q, Castorama, Brico Dépôt and Screwfix.
Richard Gillies, Sustainability Director for Kingfisher said: ‘This renewables investment is part of our Net Positive journey to transform our business to be a force for good. There’s plenty more we can do but business needs stability and certainty to make these types of long-term investment decisions.’