"Loblaw has been actively reducing its carbon emissions for over a decade, consistently exceeding its own ambitious targets,” said Galen G. Weston, Loblaw Cos.’ president and CEO, in the release. “Last year, when we raised those targets to become net zero by 2040, we knew we would need some breakthrough innovation to reach our goal. This project delivers that by turning our highest carbon emitting energy market into our lowest, in one single step. Today's announcement is a powerful example of private industry working together to bring scaled change to the energy transition."
Loblaw will purchase 300,000 megawatt hours of renewable energy from TC Energy annually, according to the release. The retailer projects the use of renewables will cut 180,000 metric tons of carbon emissions, according to the release. Loblaw said the amount of renewable energy purchased would be enough to power about 45,000 homes.
As Retail Leader Pro recently reported, the use of renewable energy is a key part of the equation for retailers looking to advance their ESG goals, especially as consumers look for more sustainable products brands and retailers.
“The industry needs to upgrade store fleets not only to make them more agile, but also to make them more efficient,” said Elizabeth Lafontaine, chief analyst for Retail Leader Pro. “With store sales rebounding and consumers returning to pre-pandemic habits, the opportunity to improve the environmental impact of the physical channel is a good message for consumers and the industry at large.”