Wayfair Releases Third-Annual Corporate Responsibility Report, Sets Ambitious Zero Waste Target

Rhea-AI Summary

Wayfair (NYSE:W) released its third-annual Corporate Responsibility Report, highlighting progress in sustainability, social impact, and diversity for 2023. Key initiatives include a commitment to achieving zero waste by 2030, targeting over 90% waste diversion from landfills and incineration. Additionally, Wayfair aims to reduce Scope 1 and 2 emissions by 63% by 2035. The report follows GRI and SASB frameworks, emphasizing data-driven decisions. Key achievements include establishing a $1 million Wayfair Neighborhood Fund, doubling business with Black-owned suppliers, and increasing third-party certified products to over 33,000 items.

Positive

• Wayfair aims to achieve zero waste by 2030, diverting over 90% of operational waste.
• Target to reduce Scope 1 and 2 emissions by 63% by 2035, reflecting strong climate action.
• Established the Wayfair Neighborhood Fund with a $1 million donation to support local communities.
• Doubled the number of Black-owned suppliers and their business on the Wayfair platform.
• Increased third-party certified products in the Shop Sustainability program to over 33,000 items.
• 66.5% of Wayfair's North American electricity consumption will come from the Liberty Solar VPPA.

Negative

• None.

BOSTON, June 12, 2024 /PRNewswire/ -- Wayfair Inc. (NYSE:W), the destination for all things home, today released its third-annual Corporate Responsibility Report, showcasing the company's progress and initiatives across sustainability, social impact, and diversity, equity and inclusion in 2023. This year's report, titled "Bringing Impact Home," marks the second consecutive year Wayfair has referenced the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) frameworks, reaffirming the company's commitment to data-driven decision-making.

Alongside its Corporate Responsibility Report, Wayfair is proud to announce its commitment to achieving zero waste across its global operations by 2030. This ambitious target aims to divert over 90 percent of Wayfair's operational waste from landfills and incineration. Along with the company's goal of reducing Scope 1 and 2 emissions by 63 percent by 2035, the zero waste initiative highlights Wayfair's dedication to driving climate action and more effectively reusing, recycling and reducing waste.

"I'm proud to be sharing this year's Corporate Responsibility Report, which highlights the important progress we've made towards our ongoing support of our communities, our people and our planet," said Kate Gulliver, Chief Financial Officer and Chief Administrative Officer at Wayfair. "While this report is a retrospective of our impact and progress over the past year, we know that this work is never truly done. Looking ahead, we remain committed to investing our time and resources in these crucial areas, and I'm thrilled to be adding our zero waste goal as a key commitment."

Key Report Highlights:

• Established the Wayfair Neighborhood Fund with a founding donation of $1 million, which directs grants to organizations supporting people experiencing homelessness and ensuring our local neighborhoods thrive.
• Wayfair volunteers supported 25 Habitat for Humanity builds, helping to create new homes for those in need.
• Doubled both the number of, and the business from, Black-owned suppliers on the Wayfair platform through our Celebrate Black Makers program in 2023.
• 4,000 Wayfairians participated in Employee Resource Groups or Affinity Groups, celebrating their shared cultures and experiences.
• Doubled the number of third-party certified products in Wayfair's Shop Sustainability program to over 33,000 items.
• 66.5 percent of Wayfair's electricity consumption in North America will be covered by contracted energy offtake from its participation in the Liberty Solar virtual power purchase agreement (VPPA).

To learn more about Wayfair's zero waste by 2030 goal and corporate responsibility performance, read the full report here.

About Wayfair

Wayfair is the destination for all things home, in one inspiring place. With quality finds for every style and budget, and a convenient experience from inspiration to installation, Wayfair empowers everyone, everywhere to create a space that is just right for them.

The Wayfair family of brands includes:

• Wayfair: Every style. Every home.
• AllModern: All of modern, made simple.
• Birch Lane: Classic style for joyful living.
• Joss & Main: The ultimate style edit for home.
• Perigold: The destination for luxury home.
• Wayfair Professional: A one-stop Pro shop.

Wayfair generated $12.0 billion in net revenue for the year ended December 31, 2023 and is headquartered in Boston, Massachusetts with global operations.

Wayfair Media Relations:
Tara Lambropoulos
PR@wayfair.com

Wayfair Investor Relations:
James Lamb
IR@wayfair.com

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SOURCE Wayfair Inc.

FAQ

What are Wayfair's sustainability goals for 2030?

Wayfair aims to achieve zero waste by 2030, diverting over 90% of operational waste from landfills and incineration.

What emission reduction targets has Wayfair set?

Wayfair aims to reduce Scope 1 and 2 emissions by 63% by 2035.

What is the Wayfair Neighborhood Fund?

The Wayfair Neighborhood Fund was established with a $1 million donation to support local organizations helping people experiencing homelessness and ensuring community well-being.

How has Wayfair supported Black-owned suppliers?

Wayfair doubled the number of Black-owned suppliers on its platform and increased their business through the Celebrate Black Makers program in 2023.

How many certified products are in Wayfair's Shop Sustainability program?

Wayfair doubled the number of third-party certified products to over 33,000 items in its Shop Sustainability program.

What percentage of Wayfair's North American electricity consumption is covered by the Liberty Solar VPPA?

66.5% of Wayfair's electricity consumption in North America will be covered by contracted energy offtake from the Liberty Solar virtual power purchase agreement.