Sept. 13, 2007 Sir Terry Leahy, chief executive of Tesco, says he's ready to raise store prices to deliver "a revolution in green consumption," noting that current grocery prices do not factor in carbon costs, The Guardian reports.

Leahy says consumers have come to expect his company to take the lead on environmental issues, and that they will accept the price hikes if they can see value them.

The comments were made soon after Tesco's announcement that it would donate 25 million pounds ($50.89 million) over five years to a new "Sustainable Consumption Institute" at the University of Manchester. The institute will research claims that flying in food and flowers from far-flung locales may actually do less environmental harm than buying locally grown goods.