Why is the Woolworths (ASX:WOW) share price growing greener today?

The company is making environmentally friendly changes…
The post Why is the Woolworths (ASX:WOW) share price growing greener today? appeared first on The Motley Fool Australia. –

The Woolworths Group Ltd (ASX: WOW) share price is ticking up a notch amid a company initiative to grow greener. The conglomerate yesterday announced it had removed single-use plastic picnicware from stores nationwide.

At the time of writing, Woolworths shares are 1.2% higher at $39.95. Since the start of the month, its shares have climbed more than 5% while the S&P/ASX 200 Consumer Staples (ASX: XSJ) sector has gained 4%.

Woolworths reduces plastic waste

In its announcement, Woolworths advised customers will no longer be able to buy single-use plastic cutlery, cups, bowls, and plates. The latest company directive will cut around 2.1 million kilograms of plastic annually.

An estimated 130,000 tonnes of plastic waste leak into the marine environment every year in Australia. Woolworths noted that it is taking charge to help reduce plastic waste and create a cleaner environment.

Replacing the single-use plastic picnicware, customers can now purchase bowls and plates made from sugarcane pulp, wooden cutlery, and a variety of paper cups and plates. All paper and wooden products in the new range are FSC certified for sustainable forestry.

Woolworths has also removed a number of other single-use plastics in recent years. These include plastic cotton tip stems which have been replaced with paper and sugarcane stems, single-use plastic straws, and the infamous single-use plastic shopping bags.

Woolworths Supermarkets commercial director for everyday needs, James Hepworth, commented:

We’re committed to growing greener for our customers and their communities by increasing the sustainability of our range.

Removing single-use plastic cutlery and other picnicware will not only cut plastic in landfill, but is the right thing to do for the health of our oceans and waterways where these items can unfortunately end up.

Along with this change, we’re offering customers an extended picnic range of more sustainable options made from materials like sugarcane pulp, bamboo, wood and paper.

Woolworths is aiming to have all its own-brand packaging recyclable, compostable or reusable by the end of 2023.

Woolworths share price summary

It’s been a solid 12 months for the Woolworths share price, registering a gain of 18%. It is also up around 15% this year to date.

The company proved its resilience against COVID-19, reaching an all-time high of $42.66 in mid-August.

Woolworths commands a market capitalisation of roughly $48.78 billion and has approximately 1.21 billion shares outstanding.

The post Why is the Woolworths (ASX:WOW) share price growing greener today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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