Water is one of the critical factors of ESG (Environment, Social, and Governance). Fresh and clean water is increasingly endangered despite being considered a plentiful renewable resource mainly due to population growth and economic activity leading to an increase in water demands and pollution.
According to United Nations, if current consumption and production patterns do not change, there will be a 40% shortfall in water supply by 2030. Companies are expected to face increased scrutiny such as limits on water withdrawal and tight regulations over their water use as global water resources face increased stress.
The retail sector is one of the major contributors to the world water crisis. According to the World Bank, the apparel and textile industry consumes a huge amount of water and is a major polluter of water at all stages of its value chain.
Target Corp (Target) is a retailer of general merchandise and food products. The company’s product portfolio comprises baby and beauty products, clothing, electronic equipment, furniture, grocery, home and pet products, school and office supplies, shoes, sports and outdoor products, toys, and sports equipment. Target also offers optical, clinics, and other amenities, home delivery, photo printing service, rewards, and gift card services. Target markets products under owned brands and exclusive brands.
In 2021, Target’s total water withdrawal was 11,399 thousand cubic meters of water, an increase of around 7.82% over 2020. The company withdrew more than 99% of the water from municipal water utilities in 2021. 37.4% of the water withdrawn was from water-stressed areas.
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