The Coles Group Limited (ASX: COL) share price is in the green today after the company launched a new carbon-neutral beef product.
Coles shares are swapping hands at $18.64, up 1.64%. In comparison, the Woolworths Group Limited (ASX: WOW) share price is 0.88% higher. Both companies are outperforming the S&P/ASX 200 Index (ASX: XJO) which is up 0.29% at the time of writing.
Let's take a look at what Coles announced today.
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New beef range
Coles launched a new carbon-neutral beef range known as Coles Finest Certified Carbon Neutral Beef.
This includes seven premium quality beef cuts, ranging from eye fillet to porterhouse steaks. The beef range is available in Coles Victoria shops this week and will be rolled out across the country in the next 12 months.
The beef is certified as meeting the requirements of the federal government's Climate Active Carbon Neutral Standard.
Commenting on the news, Coles CEO Steven Cain said:
When we announced our sustainability strategy just over a year ago, we said we'd work with all our stakeholders to achieve our Together to Zero emissions ambitions and to be Australia's most sustainable supermarket
Coles Finest Certified Carbon Neutral Beef is a testament to the hard work of our beef producers and their commitment to sustainable practices, and we're thrilled that they're taking this important step with us.
Coles said it has been working with beef farmers in Victoria and New South Wales to reduce their carbon output. This has led to emissions that are 19% less than the national average.
In other company news, Coles has recently been named as an ASX dividend share to buy now. Morgans is predicting Coles to provide fully franked dividends of 61 per share in FY2022. In FY2023, the broker can see Coles delivering a 63 cent dividend. Morgans has a $19.70 price target on Coles shares, a 5.7% upside on the current share price.
Coles share price snapshot
The Coles share price has gained nearly 20% in the past 12 months while it is up nearly 4% this year to date.
In contrast, the benchmark ASX index has returned about 8% in the past year.
Coles has a market capitalisation of about $24.9 billion based on the current share price.
