Lowe’s is announcing a new goal to reach net-zero emissions across its value chain by 2050. To reach net-zero, Lowe’s will need to eliminate at least 90% of its greenhouse gas emissions and offset whatever remains, effectively driving its emissions footprint to zero. Net-zero is important because it will significantly reduce harmful emissions that contribute to global warming.
“Lowe’s takes pride in making homes better for all, and part of doing that is reducing our impact on the environment,” said Marvin Ellison, Lowe’s chairman and CEO, in a press release. “Starting with the net-zero goal we’ve made today, we’re excited to work even more closely with stakeholders – from suppliers to customers – to drive sustainable practices.”
This new goal signals a shift from a focus on scope 1 and 2 emissions (i.e., Lowe’s operational emissions) to scope 3 emissions, which include all other indirect emissions in a company’s value chain. For Lowe’s, most scope 3 emissions are tied to the lifecycle of the products we sell. This includes the emissions associated with the manufacture and transportation of the products in our stores to how those products are used in customers’ homes.
To reach net-zero emissions by 2050, Lowe’s has three key objectives:
- Increasing operational efficiency and working to reduce emissions within Lowe’s footprint: Lowe’s is making further investments in energy efficiency and renewable energy within the company’s operations, while exploring emerging technologies to reduce emissions associated with its vehicle fleet and facilities.
- Continuing to expand sustainable products and services offered to customers: Lowe’s continues to encourage the transition of gas-powered products to battery and electric, while also promoting energy-efficient products, such as those certified by ENERGY STAR®.
- Partnering with suppliers to help reduce upstream emissions: Lowe’s is working closely with suppliers to increase their operational efficiency and reduce their emissions through the use of renewable energy and low-carbon innovations.
“This new target marks a significant expansion of our previous climate commitments,” said Chris Cassell, Lowe’s vice president of corporate sustainability. “Through strong collaboration, this challenging but critical work will drive meaningful improvements across our full value chain, from our suppliers to Pros’ worksites, to our customers’ homes and our communities.”
Lowe’s sustainability strategy focuses on the company’s products, people, communities and operations. The net-zero target builds on Lowe’s commitment to sustainability and recent progress, including achieving its 2025 goal of reducing Scope 1 and 2 GHG emissions by 40% – relative to 2016 emissions levels – four years early.
Additionally, Lowe’s is helping to make homes and buildings more sustainable and energy efficient; in 2021 alone, the company helped customers save 34.6 million metric tons in GHG emissions from the sale of ENERGY STAR certified products over their lifetime, the equivalent of eliminating the energy emissions from more than 4 million homes for one year.
To learn more about corporate responsibility at Lowe’s, please visit newsroom.lowes.com/our-responsibilities. Lowe’s will include an update on progress in its 2022 Corporate Responsibility report.
Republished from the Lowe’s Corporate news webpage