Lowe’s Commits to Net Zero Emissions Across Entire Value Chain
Home improvement retailer Lowe’s announced today a series of new climate commitments, including a goal to achieve net zero emissions across its value chain by 2050.
Marvin Ellison, Lowe’s Chairman and CEO, said:
“Lowe’s takes pride in making homes better for all, and part of doing that is reducing our impact on the environment. 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.”
Lowe’s stated that its new net zero goal was made in accordance with guidelines from the Science Based Targets initiative (SBTi), and that the company has also committed to interim SBTi-aligned climate goals including decreasing Scope 1 and 2 emissions by 40%, and Scope 3 emissions in its broader value chain by 22.5% by 2030, on a 2021 basis.
The company highlighted a series of key aspects of its net zero strategy, including increasing operational efficiency and working to reduce emissions within its own footprint, including investments in energy efficiency and renewable energy, as well as exploring emerging technologies to reduce emissions associated with its vehicle fleet and facilities; expanding sustainable products and services offered to customers, such as transitioning from gas-powered products to battery and electric products, and energy-efficient products, and; partnering with suppliers to help reduce upstream emissions, including working to increase suppliers’ operational efficiency, use of renewable energy, and low-carbon innovations.
Chris Cassell, Lowe’s Vice President of Corporate Sustainability, said:
“This new target marks a significant expansion of our previous climate commitments. 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.”