Greenhouse gas (GHG) emissions are one of the major causes of rising global warming. CO2, Methane & NOx gases form a major part of greenhouse gases released from fossil fuels such as oil and gas. Due to rising GHG emissions from the operations of companies, it became important among major contributing sectors to report GHG emissions during their operations.
Several retailers, including Walmart, already measure their carbon footprints and climate change programs. Retailers generate a significant portion of their carbon footprint in their stores. Heating, lighting, air conditioning, ventilation, cooking, and refrigeration are the main factors for direct energy consumption, and therefore carbon emissions, of a retail outlet.
CVS Health Corp (CVS Health) is a provider of health care and retail pharmacy services. The company offers prescription medications, health care products, beauty products, personal care products, and cosmetics. It markets through retail pharmacies, online retail pharmacy websites, onsite pharmacies, LTC pharmacies, and MinuteClinic clinics.
The total GHG emissions (Scope 1 and 2) of CVS Health in 2021 were 1,070.04 thousand tonnes of CO2 equivalents, a decrease of 6.4% over 2020.
GHG emissions are generally classified into Scope 1, 2, and 3 emissions. Scope 1 includes direct GHG emissions from sources owned or controlled by the company. Scope 2 encompasses indirect emissions resulting from the generation of energy that the company purchases, such as electricity. Scope 3 involves other indirect emissions that relate to the emissions produced by CVS Health’s entire value chain, such as upstream and downstream activities like purchased goods and services, capital goods, business travel, employee commuting, etc.
In 2021, Scope 2 emissions form the major portion of CVS Health’s total GHG emissions, accounting for around 881.79 thousand tonnes of CO2 equivalent (82.4% of the total GHG emissions), a decrease of 9.8% over 2020. The company’s Scope 1 emissions (188.26 thousand tonnes of CO2 equivalent) increased by 13.8% over 2020. Here, total GHG emissions include Scope 1 and 2 only.
Scope 3 emissions of CVS Health were 6,663.13 thousand tonnes of CO2 equivalent in 2021 and decreased by 37.9% over 2020.
By 2030, CVS Health aims to reduce Scope 1 and 2 GHG emissions by 47% against the 2019 baseline.
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