Lowe’s announced its goal to reach net-zero emissions across the company’s scope 1, 2 and 3 greenhouse gas emissions by 2050.
“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, chairman and CEO of Lowe’s.
The retailer plans this 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, the firm said it 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.
“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,” said Chris Cassell, vice president of corporate sustainability.
Three strategies make up the company’s plan:
One, increasing operational efficiency and working to reduce emissions within its footprint by making further investments in energy efficiency and renewable energy within the company’s operations.
Two, continuing to expand sustainable products and services offered to customers by continuing to encourage the transition of gas-powered products to battery and electric.
Three, partnering with suppliers to help reduce upstream emissions by working closely with suppliers to increase their operational efficiency and reduce their emissions.
The net-zero target builds on company’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.
“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,” said Ellison.