Target Tests First Net Zero Energy Store

Rhea-AI Summary

Target Corporation (NYSE: TGT) has launched its most sustainable store in Vista, California. This location will generate more renewable energy than it needs, utilizing 3,420 solar panels and expected to produce a 10% energy surplus annually. The store's innovations include a shift to carbon dioxide refrigeration and heating powered by solar energy. Target aims for net-zero greenhouse gas emissions by 2040 and has reduced direct emissions by 27% since 2017. The initiative aligns with its broader sustainability strategy, Target Forward.

Positive

• Store generates more renewable energy than it needs, creating a 10% surplus.
• Utilizes 3,420 solar panels for energy generation.
• Shifts to carbon dioxide refrigeration, reducing emissions by 20% by 2040.
• Target aims for net-zero greenhouse gas emissions by 2040.
• 27% reduction in direct operations' emissions since 2017.
• Partnerships in renewable energy support significant electricity sourcing goals.

Negative

• None.

Retailer announces most sustainable store yet, which will test innovations that generate renewable energy and reduce emissions

MINNEAPOLIS, March 17, 2022 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced its most sustainable store to date, as the site will generate more renewable energy than it needs annually to operate and will test multiple innovations to reduce the building's emissions. The Vista, California, store's retrofit and new features will inform Target's investments in new stores and remodel programs that support its long-term growth and help guide the retailer's efforts to achieve its sustainability goals.

The store will generate renewable energy through 3,420 solar panels across its roof and newly installed carport canopies. The site is expected to produce up to a 10% energy surplus each year that it can transmit back to the local power grid, and Target has applied for net zero energy certification from the International Living Future Institute. The building also features elements to further reduce emissions, such as powering its HVAC heating through rooftop solar panels, instead of natural gas. Additionally, the store switched to carbon dioxide refrigeration, a natural refrigerant, that Target will scale chain-wide by 2040 to reduce its direct operations' emissions by 20%.

"We've been working for years at Target to shift toward sourcing more renewable energy and further reducing our carbon footprint, and our Vista store's retrofit is the next step in our sustainability journey and a glimpse of the future we're working toward," said John Conlin, senior vice president of properties, Target. "Our new stores and remodel programs are designed to help achieve our sustainability goals as we test, learn and scale our innovations over time across our operations."

Sustainability Efforts Underway

Target is building on the many ways it innovates through its stores and facilities to support the company's sustainability strategy Target Forward. The retailer has committed to achieve net zero greenhouse gas emissions enterprise-wide by 2040, and since 2017 Target has already reduced its direct operations' emissions by nearly 27%. One of the ways it intends to reach its net zero goal is through sourcing 100% of its electricity from renewable sources for its operations by 2030.

• Progress in action: Target's offsite solar and wind energy contracts are helping the company move quickly toward its renewable energy goal, as it has secured additional partnerships that will allow it to purchase nearly half of its electricity from renewable sources later this year. Target also conserves 10% of its stores' total energy use by using LED lighting instead of conventional lighting.
• Industry leader: Target continues to be a retail leader in solar with more than 25% of its facilities with rooftop solar, helping the company save millions annually in energy costs and reducing its emissions. Its Vista store is one of 542 Target buildings nationwide with solar installations, and the Solar Energy Industries Association (SEIA) recognizes Target as the top U.S. Corporate Onsite Installer with 255 megawatts of energy.
• Ongoing investments: The recycling, donations and composting operations at the Vista store, alongside Target's other facilities, support the retailer's goal to divert 90% of its U.S. operations' waste away from landfills by 2030 as it aims for Zero Waste certification. Target is already diverting 80% of its operational waste. Additionally, the Vista site offers electric vehicle charging spaces, as the retailer provides more than 1,350 spaces at over 150 locations across more than 20 states.

"Target continues to be a top corporate solar user, and we're excited to see Target double down on its clean energy commitments with new solar carports and energy efficient buildings through this innovative and sustainable retrofit," said Abigail Ross Hopper, president and CEO, Solar Energy Industries Association (SEIA). "We commend the Target team for their leadership and commitment to sustainable operations as the retailer continues to raise the bar for how companies can invest in their business and create a more sustainable future."

Miscellaneous

Statements in this release regarding Target's future investments in new stores and remodel programs, expected results of its renewable energy and emission reduction activities, and expectations regarding its sustainability strategy and commitments are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause Target's actions to differ materially. The most important risks and uncertainties are described in Item 1A of Target's Form 10-K for the fiscal year ended Jan. 29, 2022. Forward-looking statements speak only as of the date they are made, and Target does not undertake any obligation to update any forward-looking statement.

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center and by following @TargetNews. 

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SOURCE Target Corporation

FAQ

What innovations are tested at Target's new sustainable store?

Target's new store in Vista, California, tests renewable energy generation and emission reduction technologies.

How much renewable energy does Target's Vista store generate?

The Vista store generates more renewable energy than it requires, with a projected 10% annual surplus.

What is Target's sustainability goal by 2040?

Target aims to achieve net-zero greenhouse gas emissions enterprise-wide by 2040.

How has Target reduced emissions since 2017?

Since 2017, Target has achieved a 27% reduction in direct operations' emissions.

What is the role of solar panels in Target's sustainability efforts?

Target utilizes over 3,420 solar panels at its Vista store to generate renewable energy, contributing to its sustainability goals.