Home Depot slashes carbon emissions

The Home Depot is updating its carbon reduction goals and phasing out gas-powered outdoor equipment out of its inventory.

The home improvement giant has released its 2023 ESG report, detailing its progress on its environmental, social and governance (ESG) target areas: Focus on our People, Operate Sustainably and Strengthen our Communities. See the full report here.

During 2022, the company reduced its Scope 1 (direct) and 2 (indirect) carbon emissions by approximately 92,000 metric tons, equivalent to taking more than 20,000 cars off the road for a year.  Recently, the company submitted new carbon reduction goals to the Science Based Targets initiative for Scope 1, Scope 2 and Scope 3 "use of products sold" emissions.

By the end of fiscal year 2028, the company expects more than 85% of U.S. and Canadian sales in outdoor power equipment, specifically push lawn mowers and handheld outdoor equipment like leaf blowers and trimmers, will run on rechargeable battery technology instead of gas. In addition, The Home Depot announced new goals related to helping customers save energy costs and reducing water usage through its products sold by 2026.

The company also plans to provide 10 million hours to frontline associates for skill development and 2.5 million hours of training to leaders by 2028. Since 2011, company says its The Home Depot Foundation community support initiative has contributed more than $450 million to veteran causes, and its Team Depot employee volunteer program has volunteered 1.4 million service hours to veteran causes.

During 2022, The Home Depot Foundation granted $82 million, focusing on veteran causes, skilled trades training and disaster relief. By 2028, The Home Depot Foundation plans to invest $50 million to train skilled tradespeople, including veterans, to help close the skilled labor gap.

[Read more: Home Depot launches online job training courses for veterans]

Other highlights from The Home Depot 2023 ESG report include:

• A 52% decrease in electricity consumption at U.S. stores since 2010.
• Redesign of more than 350 private label packages during 2022 to reduce size and materials.
• Approximately 36% of new hires in 2022 were women and 58% were ethnically/racially divcerse.

Headquartered in Atlanta, The Home Depot is the world's largest home improvement specialty retailer. At the end of the first quarter of fiscal year 2023, the company operated a total of 2,324 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs over 470,000 associates.