Lowe’s made tremendous progress in 2022, generating fiscal year sales of ~$92 billion while working to become the employer of choice in retail and contributing millions of dollars to our communities – but there’s much more to learn. Lowe’s sustainability strategy focuses on three pillars: Our People & Our Communities, Product Sustainability and Operational Excellence. Here are some of the top takeaways from those areas in 2022.
- Our People: Investing in our Associates
Behind every bottom-line victory stands a team of associates – from our supply chain to those on the frontlines serving customers. We're committed to attracting, growing and cultivating our team. From innovative programs like Track to the Trades, a tuition-free skills education program that has seen 1,300 associate graduates, to the more than 3.5 million training activities offered every month, associates are encouraged to up-skill and advance their careers here at Lowe's. Case in point, in 2022, we filled over 80% of our leadership positions internally. We implemented $170 million in annual wage increases, as of December 2022, in addition to more than $580 million in profit-sharing and discretionary bonuses throughout the year.
2. Product Sustainability and Operational Excellence: Taking Aim at Net Zero
Lowe's has committed to reaching net-zero emissions by 2050. Here's a peek at some of what we've done to take on the tall but important task:
- Created over $10 billion in customer lifetime savings from Lowe's WaterSense ® products purchased in 2022 and saved over 900 billion gallons of water
- Generated over $6 billion in customer lifetime savings from Lowe's ENERGY STAR ® products purchased in 2022
- Achieved 6% reduction in total energy consumption from 2021 to 2022
- Made 9.9 billion eco-products available to customers
3. Our Communities: Lending a Helping Hand
Lowe's has a history of supporting our associates and the communities where we live and work, including assisting communities as they prepare for and recover from natural disasters. From providing tools and supplies to being boots on the ground for cleanup, we're committed to supporting communities as they recover and rebuild in the months and years to come. In 2022, we helped our nonprofits in their relief efforts by distributing over 3,000 relief buckets filled with supplies, more than 20 truckloads of water and 2,000 hot meals as part of our $2 million commitment to help communities recover from Hurricane Ian.
4. Our Communities: Bringing It Home(towns)
In 2022, Lowe's announced a five-year, $100 million investment in the communities we serve. The program, Lowe's Hometowns, will complete 1,800 community impact projects, including 100 signature projects chosen from customer nominations. The effects will reach far and wide, with more than 1.4 million people estimated to benefit from the 100 signature projects in 2022 within the year following their completion.
5. Operational Excellence: Looking Ahead
Lowe’s path to net-zero will require collaboration and tenacity. Achieving our net-zero emissions target means we will continue to position sustainability as a consideration companywide in both daily and long-term decision-making.
Some goals we plan to achieve:
- By 2025: 100% of our strategic suppliers will have sustainability goals in place
- By 2030: achieve 50% renewable energy for Lowe’s facilities
- By 2050: achieve net-zero emissions across Lowe’s full value chain