Target unveils new sustainability targets, vows to create net-zero emissions by 2040

Target Corp. launched a comprehensive new sustainability plan, including objectives such as getting 100 percent of its power from renewable sources by 2030 and making all of its owned brands' plastic packaging recyclable, biodegradable, or reusable by 2040.

The retail corporation intends to become a net-zero company within that period, which means it will generate zero trash for landfills at its US facilities and will have net-zero emissions across its operations and supply chain.

The company said that its new sustainability strategy puts its business to use “to positively impact both people and the planet and building on the retailer's legacy of corporate responsibility and sustainable practices.”

While these modifications may not be visible to customers right away, the retailer's efforts are ongoing. Target stated that it has already released a few goods and initiatives with a focus on sustainability. For example, its Universal Thread apparel is made from sustainably sourced cotton and recycled polyester.

Initial targets of the company include getting 60% of its power from renewable sources by 2025 and 100% by 2030, as well as encouraging suppliers to prioritize renewable energy and cooperate on solutions to conserve, sustain, and restore the environment by 2025. Target's goal is to divert 90 percent of its trash from landfills by 2030 through reuse, recycling, donation, and reduction methods.

"As a company and a member of the global community, it's imperative for both the health of our business and of our planet that we embrace new ways to move forward," said Brian Cornell, chairman, and chief executive officer of Target, in a statement.  "We know sustainability is tied to business resiliency and growth, and that our size and scale can drive change that is good for all.

Beginning this autumn, the firm will target single-use plastic bags as part of its Beyond the Bag project, which aims to develop environmentally-friendly retail bags.

The Minneapolis-based company stated that it is reacting to rising customer demand for more environmentally friendly products and practices from businesses.

According to the EY Future Consumer Index, 72% of US consumers consider sustainability to be very or very essential when making purchasing decisions.

Other retailers are reacting to consumer demand for environmentally friendly items including Walmart, Lululemon, Levi’s, and others.

Moreover, retail corporation aspires to develop a team that reflects the communities it serves equitably by 2030, beginning with a goal to boost Black team member participation across the firm by 20% by 2023.

With inputs from CNBC 

Picture Credits: USA Today