Ken Murphy, CEO of Tesco, the UK’s largest retailer, has called upon political parties to uphold their net-zero commitments in preparation for the anticipated 2024 general election. Speaking at the Reuters IMPACT conference in London, Murphy emphasized the potential of green innovation within the food industry to reduce costs, carbon emissions, and enhance food security in the UK.

“That’s why it’s critical that political parties stand by their net zero commitments and the timelines, and put food system innovation at the heart of the growth agenda,” he said.

Murphy stressed the importance of political parties adhering to their net-zero commitments and timelines, placing food system innovation at the core of the country’s growth agenda. He expressed concern about the level of investment in the UK, which lags behind the OECD average, and urged collaboration between the government and industry to drive large-scale innovation.

“It is positive that the government has funds available for innovation, such as the farming innovation fund but … we’re lagging competitors in Europe and in Asia, not to mention the United States.“

While the UK’s Conservative government is committed to achieving net-zero greenhouse gas emissions by 2050, there have been indications that some green policies with direct consumer costs might be delayed or reconsidered by Prime Minister Rishi Sunak’s administration.

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Tesco, holding a 27% share of the UK’s grocery market, aims to achieve a net-zero carbon target for its operations by 2035 through renewable energy adoption, plastic reduction, and promotion of sustainable diets. The company also pledges net-zero carbon emissions by 2050, encompassing its operations, products, and supply chains.

“Many environmental campaigners are skeptical about the willingness of major companies to cut emissions, seeing it as more of a public relations exercise,” Murphy said. “But large companies say they can make a difference due to their sheer size.”