Home improvement retailer Lowe’s on Dec. 5 announced its goal to reach net-zero emissions across the company’s scope 1, 2 and 3 greenhouse gas emissions by 2050.
The plan is in accordance with guidelines from the Science Based Targets initiative (SBTi), the global body that allows businesses to set emissions reduction targets in line with climate science, Lowe’s said.
To meet the interim targets, Lowe’s said it also has 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 said its 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.”
Lowe’s said the net-zero target builds on its 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 said it 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.