THE HOME DEPOT PUBLISHES ESG REPORT, ANNOUNCES NEW GOALS TO REDUCE CARBON EMISSIONS, INVESTS MORE TRAINING IN FRONTLINE ASSOCIATES AND LEADERS

Rhea-AI Summary

The Home Depot (HD) releases 2023 ESG Report, detailing progress on environmental, social, and governance goals. Achieved carbon emissions reduction, new carbon reduction goals, and plans for battery-powered outdoor equipment. Focus on associate development, veteran causes, and skilled trades training. Company aims to invest $50 million in skilled trades training by 2028.

Positive

• The Home Depot has successfully reduced its Scope 1 and 2 carbon emissions by approximately 92,000 metric tons, demonstrating a strong commitment to environmental sustainability. The company's plan to transition to rechargeable battery technology for outdoor power equipment aligns with the growing demand for eco-friendly products. The significant investment in associate development and skilled trades training illustrates a commitment to creating a positive impact on communities and the workforce.

Negative

• None.

ATLANTA, July 27, 2023 /PRNewswire/ -- Today, The Home Depot released its 2023 ESG Report. The report provides details on the company's progress on its environmental, social and governance (ESG) pillars: Focus on our People, Operate Sustainably and Strengthen our Communities. This year, the company achieved several of its ESG goals and set new ones to benefit its associates, customers, communities and the planet. 

"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. 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.

About The Home Depot

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. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among other things, our goals, commitments and programs, and projections of future results, including our ability to meet our goals; our business plans, strategies, initiatives and objectives and their expected execution and impact; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, military conflicts or acts of war, and other business interruptions that could disrupt operation of our facilities, our ability to operate or access communications, financial or banking systems, or supply or delivery of, or demand for, the Company's products or services; the impact of regulatory changes; the impact of acquired companies on our organization; and our assumptions, expectations and projections regarding any of the foregoing. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. They are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, those described in the "Risk Factors" section and elsewhere in our most recently filed Annual Report on Form 10-K, and also in subsequent reports we file with the Securities and Exchange Commission. We encourage you to review these filings. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.

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SOURCE The Home Depot

FAQ

What is the focus of The Home Depot's 2023 ESG Report?

The report details the company's progress on environmental, social, and governance (ESG) goals, focusing on its people, sustainable operations, and community support.

What are The Home Depot's new carbon reduction goals?

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.

What are The Home Depot's plans for battery-powered outdoor equipment?

By the end of fiscal year 2028, the company expects more than 85% of U.S. and Canadian sales in outdoor power equipment to run on rechargeable battery technology instead of gas.

How is The Home Depot supporting associate development and training?

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.

What is The Home Depot Foundation's contribution to veteran causes?

The Home Depot Foundation has contributed more than $450 million to veteran causes since 2011 and plans to invest $50 million to train skilled tradespeople, including veterans, by 2028.