Home Depot releases 2023 ESG Report
The Home Depot has released its latest environmental, social, and governance report (ESG).
The report provides new details on the company's progress on its ESG pillars: Focus on company associates, sustainable operations, and strengthening communities the retailer serves.
"Since the company's inception, we have invested in running a responsible, sustainable company because it makes our business stronger, more agile, and more resilient," said Ted Decker, chair, president and CEO of The Home Depot. "That has always encouraged good business practices and enabled us to consistently deliver industry-leading results."
In 2022, the company reduced its Scope 1 and 2 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 Target initiative for Scope 1, Scope 2 and Scope 3 "Use of Products Sold" emissions.
The Home Depot's greatest environmental impact comes from the products it sells, the home improvement retailer said.
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.
Additionally, The Home Depot announced new goals related to helping customers save energy costs and reducing water usage through its products sold by 2026.
In a continued effort to create the best associate experience in retail, the company focuses on associate engagement, compensation, safety and training. Continuing its commitment to associate development, the company 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, The Home Depot Foundation has contributed more than $450 million to veteran causes, and Team Depot has volunteered 1.4 million service hours to veteran causes.
In 2022, The Home Depot Foundation granted $82 million, continuing to prioritize taking care of the communities where it operates, 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 the full 2023 ESG Report from Home Depot here.
At the end of the first quarter 2023, the Home Depot operated more than 2,300 stores in the United States, Puerto Rico, the U.S. Virgin Islands, Guam, Canada, and Mexico. The Company employs over 470,000 associates.
