Severn Trent Plc (LON:SVT) have told the market about their intentions to build a sustainable long term future.
The firm said today that it will invest £1.2 billion over the next five years, as it plans to fill it pledge to be a carbon neutral firm by 2030.
The firm commented: “By working to improve the natural habitat at each stage of the water cycle, we can improve the environment and the local areas our communities work and live in as well as substantially reduce the cost to our business.”
Severn Trent also added that they are aiming to source all of their energy from renewable sources directly and hold an all electric fleet.
The FTSE 100 listed firm have also made several other pledges, which have included reducing their water leakage by 15% by 2025 and by 50% by 2045.
Additionally, Severn Trent noted that will support 195,000 customers who struggle to pay their water expenses.
Other notable inclusions said that the firm will donate 1% of their profits over the next five years into the Severn Trent Community Fund, investing in projects in our local communities, while continuing to have one of the lowest combined bills in England and Wales for our customers.
Finally, Severn Trent added that they intend to work with 9,000 formats to adapt working practices and adopt nature based solutions to reduce pollutants in 44 catchments.
Liv Garfield, Chief Executive of Severn Trent, said:
“We firmly believe that businesses with a strong social purpose can deliver better and more sustainable outcomes for all stakeholders over the long term. To truly make a difference we need to look after nature and the precious resources it provides, we need the most talented and engaged minds helping us to drive performance and innovate, and we need customers who trust us to do the right thing for their communities. We’re incredibly proud of the work we have done so far when it comes to sustainability and excited that our stakeholders support the approach we are taking for the future. By committing to invest £1.2 billion in the next five years we believe we can make a real difference to the environment and people we serve while delivering strong business outcomes at the same time.”
Tony Juniper, Chair of Natural England, said of Severn Trent’s commitment to biodiversity:
“This very significant contribution from Severn Trent toward the creation of a national Nature Recovery Network could not be more welcome. If we are to achieve our goal to be the first generation to leave nature in a better state than we found it then this is exactly the kind of leadership, vision and partnership working that we will need. We hope that other major companies will soon come forward with comparable ambition, leading over time to an historic turnaround in the fortunes of our wildlife and natural environment.”
Shares in Severn Trent trade at 2,622p (+1.08%). 4/3/20 13:20BST.
