Water is one of the critical factors of ESG (Environment, Social, and Governance). Fresh and clean water is increasingly endangered despite being considered a plentiful renewable resource mainly due to population growth and economic activity leading to an increase in water demands and pollution.
According to United Nations, if current consumption and production patterns do not change, there will be a 40% shortfall in water supply by 2030. Companies are expected to face increased scrutiny such as limits on water withdrawal and tight regulations over their water use as global water resources face increased stress.
The retail sector is one of the major contributors to the world water crisis. According to the World Bank, the apparel and textile industry consumes a huge amount of water and is a major polluter of water at all stages of its value chain.
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, Best Buy’s total water withdrawal was 1 million cubic meters of water, an increase of around 4.17% over 2020 in its US and Canada operations. The company’s water usage in 2021 was driven largely due to fewer customers in its stores because of the COVID-19 pandemic.
In 2020, the company formed an internal Water Stewardship Action Committee, a cross-functional group of employees who share a common goal to help reduce water usage in its operations and for its customers. Best Buy has set a water reduction target to reduce enterprise water withdrawal by 15% by 2025.
United States of America
China
United States of America
United States of America
Australia
United States of America
United States of America
United Kingdom
Switzerland
United Kingdom
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer