Company's net-zero roadmap focuses on reducing impact of its value chain, increasing product efficiency and transitioning to renewable energy sources
MOORESVILLE, N.C., Dec. 5, 2022 /PRNewswire/ -- Lowe's today announced its goal to reach net-zero emissions across the company's scope 1, 2 and 3 greenhouse gas emissions by 2050, in accordance with guidelines from the Science Based Targets initiative (SBTi), the global body enabling businesses to set emissions reduction targets in line with climate science. To meet interim SBTi targets, Lowe's has also committed to decreasing its scope 1 and scope 2 emissions by 40% and reducing scope 3 emissions by 22.5% below 2021 levels by 2030.
"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. "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."
To reach net-zero emissions by 2050, Lowe's reduction strategy includes:
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."
The net-zero target builds on Lowe's commitment to sustainability and recent progress, including achieving its 2025 goal of reducing scope 1 and scope 2 greenhouse gas emissions by 40% – relative to 2016 emissions levels – four years early. The company is also working to reach 50% renewable energy for Lowe's facilities by 2030, and 74% of its strategic suppliers had sustainability goals in place in 2021.
Additionally, Lowe's is making homes and buildings more sustainable and energy efficient. In 2021 alone, the company helped customers save 34.6 million metric tons in greenhouse gas emissions from the sale of ENERGY STAR certified products over their lifetime.
To learn more about corporate responsibility at Lowe's and read updates on its progress against these new targets, please visit responsibility.lowes.com.
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 19 million customer transactions a week in the United States and Canada. With fiscal year 2021 sales of over $96 billion, Lowe's and its related businesses operate or service nearly 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.
Disclosure Regarding Forward-Looking Statements
Included herein are forward-looking statements, including statements with respect to the achievement of future goals. There are many factors that affect management's views about future events and trends of the business and operations of the company, all as more thoroughly described in the company's filings with the Securities and Exchange Commission. The company does not undertake any obligation to update forward-looking information included in this release or any of its public filings.
Lowe's Companies, Inc.
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SOURCE Lowe's Companies, Inc.