Greenhouse gas (GHG) emissions are one of the major causes of rising global warming. CO2, Methane & NOx gases form a major part of greenhouse gases released from fossil fuels such as oil and gas. Due to rising GHG emissions from the operations of companies, it became important among major contributing sectors to report GHG emissions during their operations.
Several retailers, including Walmart, already measure their carbon footprints and climate change programs. Retailers generate a significant portion of their carbon footprint in their stores. Heating, lighting, air conditioning, ventilation, cooking, and refrigeration are the main factors for direct energy consumption, and therefore carbon emissions, of a retail outlet.
Best Buy Co Inc (Best Buy) is a multi-national retailer of electronic products. The company’s product offerings include consumer electronics, computing and mobile phones, appliances, entertainment products, and home office products. It also offers services including consultation, design, set-up, technical support, warranty-related services, health-related services and memberships, educational classes, delivery and installation for home theater, mobile audio, and appliances.
In 2021, the total GHG emissions (Scope 1 and 2) of Best Buy were 388.92 thousand tonnes of CO2 equivalents, a decrease of 3.1% over 2020.
GHG emissions are generally classified into Scope 1, 2, and 3 emissions. Scope 1 includes direct GHG emissions from sources owned or controlled by the company. Scope 2 encompasses indirect emissions resulting from the generation of energy that the company purchases, such as electricity. Scope 3 involves other indirect emissions that relate to the emissions produced in the company’s value chain from upstream and downstream activities.
In 2021, Scope 1 emissions form the major portion of Best Buy’s total GHG emissions, accounting for around 257.05 thousand tonnes of CO2 equivalent (66.09% of the total GHG emissions), an increase of 4.1% over 2020. The company’s Scope 2 emissions (131.88 thousand tonnes of CO2 equivalent) decreased by 14.5% over 2020. Here, total GHG emissions include Scope 1 and 2 only.
Scope 3 emissions of Best Buy were 24,181 thousand tonnes of CO2 equivalent in 2021 and increased by 5.6% over 2020.
Best Buy aims to achieve net zero annual carbon emissions by 2040 and advance its current Scope 3 commitment to reduce emissions by 20% by 2030 by working collaboratively with suppliers, utilities, NGOs, and policymakers to address all supply chain emissions.
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