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 Consumption 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.
Lowe's Companies Inc (Lowe’s) is a retailer of home improvement products. The company’s product portfolio includes kitchen appliances, building materials, tools and hardware, and lawn and garden. The company offers products under various private brand names such as Kobalt, allen+roth, Project Source, Utilitech, Reliabilt, and Harbor Breeze.
In 2021, Lowe’s consumed 9.9 million cubic meters of water, an increase of 14% annually.
Lowe's offers WaterSense labeled products that help to reduce at least 20% water than comparable alternatives. In 2021, the company sold more than 12 million WaterSense labeled products, and it expects that number to grow.
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