Marks and Spencer has announced its plans for the next eight year which includes its ethical and environmental commitments. According to Stuart Rose, M&S chairman these kinds of plans are required to enhance the company’s morale as well as commercials aspects. Marks & Spencer usually spends about £40 million per year on its sustainability. It has introduced some new “eco plans” for its company. The “eco-plan” includes a target to source all of its food, clothing and home items from sustainable or ethical sources. The Fairtrade scheme-2020 is also a part of the company’s new eco plans.
Marks & Spencer is also planning to launch an incubator fund to enhance the development of new green products and services. The project will cost the company approximately £50 million. It will also offer all employees free home insulation. More than 30,000 homes are going to be made more energy-efficient under this scheme.
Three years ago, M&S set hundred eco-targets for itself. The plans like becoming carbon neutral and eliminating all landfill waste by 2012 was also there in the targets. The company still believes that there is a lot more to be done to achieve such goals.