Commercial, GHG Emissions - March 19, 2021
CarMax aims for carbon neutrality by 2050
CarMax announced March 18 its intention to achieve net zero carbon emissions by 2050 and an interim target to reduce greenhouse gas emissions by 50% before 2025.
To target its Scope 1 and 2 emissions, the used car retailer plans to focus on reducing emissions from its operations through energy conservation measures and implementing on and off-site renewable energy generation. Additionally, it will step up its renewable energy procurement strategies by deploying renewable supply contracts, PPAs, and purchasing offsets, where needed.
“At CarMax, ‘do the right thing’ is one of our values. We believe that our goal to achieve net zero by 2050 demonstrates our commitment to address the challenge of climate change,” CEO Bill Nash said in a statement. “We have a clear roadmap to meet the target of a 50% reduction by 2025, and a number of steps are already underway toward that goal. Longer term, we will be evaluating all aspects of our business to see what additional measures we can take to achieve our 2050 goal.”
CarMax is also working on expanding its market for electric vehicles and is in the process of evaluating its Scope 3 emissions.
The company plans to publish its 2021 Responsibly Report at the end of May to detail its further efforts in carbon reduction.