Walmart’s sustainability program is anchored in the Shared Value framework, organized around four leadership themes (Opportunity, Sustainability, Community, and Ethics & Integrity), with the most recent disclosure being the FY2025 ESG Report titled “Delivering Shared Value,” published September 2025 and covering the fiscal year February 1, 2024 to January 31, 2025. The headline themes of the FY2025 report are an explicit acknowledgment that Walmart will miss its 2025 Scope 1+2 emissions reduction target, the achievement of the Project Gigaton one-billion-ton avoided-emissions goal in supplier value chains, continued renewable electricity buildout, and the alignment of reporting to the IFRS S2 Climate-related Disclosures standard (which succeeds TCFD). Independent third-party assurance is provided over Scope 1 and 2 emissions calculations aligning with ISO 14064-3. Walmart is reported across approximately 270 million customers per week, 2.1 million associates, and 10,750+ stores in 19 countries. Chief Sustainability Officer Kathleen McLaughlin reports to the CEO and updates the Board’s Nominating and Governance Committee on ESG strategies and priorities at least annually.
- Total revenue FY2025: $681 billion across 19 countries (Walmart FY2025 ESG Report).
- Scope 1+2 emissions in 2024: 15.65 million mtCO2e, 18.1% below 2015 baseline, against a 35% by 2025 target that Walmart has acknowledged it will miss (Walmart FY2025 ESG Report).
- Emissions intensity decline since FY2016: 47.4%, with intensity at 23.87 mtCO2e per million dollars of revenue in FY2025 (Walmart FY2025 ESG Report).
- Renewable electricity share of global needs in 2024: 48.5%, with 30.6% through long-term renewable contracts (Walmart FY2025 ESG Report).
- Project Gigaton supplier-reported avoided, reduced, or sequestered emissions since 2017: 1.19 billion mtCO2e, with the original 1 billion ton goal achieved in 2024, six years ahead of the 2030 target (Walmart FY2025 ESG Report; Walmart Project Gigaton accounting methodology).
Sources
https://corporate.walmart.com/content/dam/corporate/documents/esgreport/2025/FY2025-Walmart-ESG-Report.pdf https://www.walmartsustainabilityhub.com/content/walmart-sustainability-hub/en_us/reporting/faqs.html/ https://www.esgtoday.com/walmart-hits-goal-to-reduce-1-billion-tons-of-supply-chain-emissions-6-years-ahead-of-2030-target/
Sustainability Strategy and Goals
Walmart’s roadmap maps to UN SDG 2 (Zero Hunger), SDG 7 (Affordable and Clean Energy), SDG 8 (Decent Work and Economic Growth), SDG 12 (Responsible Consumption and Production), SDG 13 (Climate Action), and SDG 14/15 (Life Below Water and Life on Land), and is built around a Shared Value approach that ties sustainability outcomes to long-term business value creation. The Sustainability pillar of the framework contains six workstreams: Climate Resilience, Energy, and Emissions; Regeneration of Natural Resources; Waste and Circular Economy; People in Supply Chains; Animal Welfare; and Product Supply Chain Sustainability. Climate targets are SBTi-validated, with Scope 1 and 2 absolute reduction targets of 35% by 2025 and 65% by 2030 from a 2015 baseline, and a 2040 zero-emissions ambition. The Scope 3 component is delivered through Project Gigaton, which closed in 2024 after achieving its supplier-engagement target six years early and is being reformulated for the next phase.
Net Zero and Carbon Emissions
Walmart’s SBTi-validated targets are a 35% absolute Scope 1+2 reduction by 2025 and 65% by 2030, both from a 2015 baseline, on a stated 2040 zero-emissions ambition. The FY2025 ESG Report contains the most candid passage in retail-sector sustainability reporting in 2025: “We continue to anticipate delays in achieving our interim emissions reduction targets of a 35% reduction by 2025 and a 65% reduction by 2030.” 2024 Scope 1+2 emissions reached 15.65 million mtCO2e, 18.1% below the 2015 baseline but actually 1.1% higher year-on-year, driven by transportation-related Scope 1 increases as the US business grew and by emissions growth in Mexico and Central America where drought reduced hydropower availability. Scope 1 reached 9.03 million mtCO2e in 2024 and Scope 2 (market-based) reached 6.61 million. The interim 35% target by end-2025 is now mathematically out of reach given current trajectory. The 65% by 2030 target requires roughly five times the current annual reduction pace.
Water Stewardship
Walmart’s nature framework treats water as a regeneration priority alongside soil and biodiversity, with metrics aggregated under “regeneration of natural resources.” Water stewardship is implemented through commodity-specific programs (notably for cotton, palm oil, and produce sourcing) and through facility-level water efficiency at stores, clubs, and distribution centers. The 2025 sustainable commodities goals include sustainable sourcing of agricultural commodities in priority supply chains, with 95.1% of Walmart US fresh and frozen wild-caught and farmed seafood reported by suppliers as more sustainably sourced. The company has not adopted an Alliance for Water Stewardship factory-certification approach comparable to industrial peers, reflecting the retailer footprint emphasis on supply chain rather than direct manufacturing water use.
Regenerative Agriculture
Regenerative agriculture is one of the priority categories within Project Gigaton supplier engagement and the smallholder farmer programs run by Walmart and the Walmart Foundation. Between FY2021 and FY2025, the Walmart Foundation awarded $82.3 million in grants targeting smallholder farmer livelihoods, with $39 million invested in India and $31.3 million in Mexico and Central America. The Mercy Corps program in Central America aims to support 2,000 smallholders adopting climate-smart regenerative practices, with 4,000 reached through prior efforts. Walmart Mexico’s Pequeño Productor market access program targets 50,000 farmers with tools and training, 25,000 with digital training, and 10,000 young people and women through agronomic training. Acres of land more sustainably managed, protected, or restored reached 43.3 million in FY2025 across priority commodities.
Deforestation and Biodiversity
The 43.3 million acres figure includes acres under more sustainable management for priority commodities (reported by suppliers through Project Gigaton), acres protected or restored by suppliers, acres conserved through the Acres for America program (a partnership with the National Fish and Wildlife Foundation), and acres managed through Walmart Foundation grants. Priority commodities cover beef, soy, palm oil, pulp and paper, and seafood, with traceability and deforestation-free assessment varying by commodity. The Forest Positive aspiration covers private brand products under company control, though enforcement at the third-party supplier level remains the structural challenge. Walmart reports nature data using Task Force on Nature-related Financial Disclosures-aligned methodology and through CDP.
Packaging and Circular Economy
Private brand plastic packaging designed for recycling reached 82.6% globally in FY2025, with the Ellen MacArthur Foundation definition used as the measurement standard. Walmart acknowledges that “business growth and market dynamics have challenged our packaging targets (for example, recycled content),” indicating that the recycled-content portion of the packaging program is behind plan, while the design-for-recycling element is closer to target. Plastic packaging intensity (material used per dollar of net sales) has fallen, though Walmart does not currently publish the absolute tonnage figure prominently. Operational waste diverted from landfills and incineration reached 83.5% globally in FY2025 against a zero waste aspiration (90%+ diversion under Zero Waste International Alliance principles). Food waste intensity is measured under the FLW Standard, with packaging weight and inedible parts removed from waste calculations.
Human Rights and Responsible Sourcing
Walmart’s Human Rights Statement, approved by the Board, expresses commitment to associate rights including freedom of association and effective recognition of collective bargaining. As of end of 2024, certain populations of Walmart associates were represented by some form of third-party representation in 11 of the 19 countries where Walmart operates, including Mexico (Walmart’s second-largest market); US associates were not under any collective bargaining agreements. Supplier-side responsible sourcing covers people in supply chains under the Responsible Recruitment framework, with Walmart engaging in industry coalitions including the Issara Institute, the Responsible Labor Initiative, and the Responsible Business Alliance. Pay equity disclosure reached new transparency in FY2025, with female associates paid $1.00 for every $1.00 male associates earn on an adjusted basis, and associates of color paid $0.99 for every $1.00 white associates earn on an adjusted basis.
Nutrition and Health
Walmart’s nutrition and health work is delivered through the Safer, Healthier Products workstream within the Community pillar and through grocery sourcing standards. Project Gigaton emissions reductions in food and beverage supply chains include reformulation, refrigeration efficiency, and packaging changes. Walmart and the Walmart Foundation supported food security with more than $2 billion in cash and in-kind contributions (primarily food) in FY2025. The company has product-level safety and quality standards across its private brand portfolio, with specific category programs for fresh produce, seafood, and animal-derived products.
Community and Social Impact
Walmart and the Walmart Foundation contributed more than $2 billion in cash and in-kind giving in FY2025, with food donations being the largest in-kind component. Over the past three years, the company has contributed $55.6 million in cash and in-kind to disaster preparedness and response. The associate workforce numbers 2.1 million globally, with approximately 1.6 million in the US, and the company has raised minimum starting hourly wages by over 90% since 2015. Average hourly wage reached more than $18 by mid-FY2026, nearly 28% higher than five years prior. More than 860,000 associates have retirement savings in the 401(k) plan, with Walmart’s company match in the US totaling $1.82 billion in FY2025. Live Better U, Walmart’s education benefit, enrolled 41,000 associates in FY2025 (164,000 cumulatively since 2018), with $812 million in estimated tuition savings.
Governance and Transparency
The Walmart Board’s Nominating and Governance Committee has oversight responsibility for sustainability initiatives. The Audit Committee oversees overall risk identification, including the outputs of the annual enterprise risk management process which incorporates climate-related risks. The Compensation and Management Development Committee oversees workforce strategy. Independent third-party assurance is provided on Scope 1 and 2 emissions calculations aligning with ISO 14064-3 (the 2024 Limited Assurance Statement is published with the report). The FY2025 ESG Report is the first to be structured under the IFRS S2 Climate-related Disclosures standard rather than TCFD, reflecting Walmart’s adoption of the International Sustainability Standards Board framework. Walmart submits to CDP and references SASB, GRI, and TNFD frameworks in its broader disclosure.
Technology and Innovation
Energy efficiency strategy includes real-time monitoring and optimization using installed meters at thousands of facilities, including most US stores. By end of 2024, Walmart’s US operations included 166 MW of onsite solar capacity across 325 facilities and 10 MW of onsite energy storage capacity across 44 facilities, plus 1,300 third-party-managed EV fast charging stations available at 280 stores and clubs. Total contracted clean energy portfolio reached 4,402 MW, with 1,886 MW of new clean energy projects enabled since January 1, 2024 toward a goal of up to 10 GW of new clean energy projects enabled by end of 2030. Generative AI tools (MyAssistant) have expanded into 14 countries to enhance associate productivity. VizPick augmented reality and Own Your Inventory computer vision tools are deployed in backrooms to improve operational efficiency.
Global Partnerships and Advocacy
Walmart co-founded Project Gigaton with CDP and engaged over 5,900 global suppliers in supply chain emissions reduction work, achieving the one-billion-ton goal in 2024. The Gigaton PPA with Schneider Electric and the supply chain finance program with HSBC and CDP help suppliers adopt renewable energy and set science-based targets. Walmart participates in Jobs for the Future’s Impact Employer network, the Business Roundtable’s Multiple Pathways Initiative, the Issara Institute and Responsible Labor Initiative for supply chain labor, and various commodity-specific coalitions including the Roundtable on Sustainable Palm Oil and the Sustainable Apparel Coalition’s Cascale framework. The company submits to CDP and is engaged in IFRS S2 implementation as one of the first major US retailers to adopt the standard.
- Scope 1+2 emissions 2024: 15.65 million mtCO2e, 18.1% below 2015 baseline against a 35% by 2025 target Walmart has acknowledged it will miss (Walmart FY2025 ESG Report).
- Renewable electricity share of global needs 2024: 48.5%, with 30.6% through long-term renewable contracts and remainder via onsite generation, RECs and grid mix (Walmart FY2025 ESG Report).
- Onsite solar capacity at end of 2024: 166 MW across 325 US facilities (Walmart FY2025 ESG Report).
- Project Gigaton supplier engagement: 5,900+ suppliers signed on, with one billion mtCO2e avoided/reduced/sequestered achieved in 2024, six years ahead of 2030 target (Walmart FY2025 ESG Report; ESG Today coverage).
- Walmart Foundation smallholder farmer grants FY2021-FY2025: $82.3 million, reaching 700,000+ smallholders in India and 14,500+ in Mexico and Central America through partner programs (Walmart FY2025 ESG Report).
Sources
https://corporate.walmart.com/content/dam/corporate/documents/esgreport/2025/FY2025-Walmart-ESG-Report.pdf https://carboncredits.com/why-walmart-stock-wmt-is-at-the-forefront-of-esg-investing-sustainability-and-emissions-achievements-in-2025/
https://www.esgtoday.com/walmart-hits-goal-to-reduce-1-billion-tons-of-supply-chain-emissions-6-years-ahead-of-2030-target/
Key Sustainability Innovations and Technologies
Walmart’s most material climate technology investments cluster around three domains: energy efficiency at retail real estate scale, supplier engagement at supply chain scale, and clean energy capacity enablement. Real-time energy monitoring and optimization is deployed at thousands of facilities, with installed meters tracking consumption across most US stores. Refrigeration is the largest single Scope 1 emissions source for grocery retailers, and Walmart’s transition to low global warming potential refrigerants and natural alternatives is the most carbon-significant operational lever, though the company acknowledges that “the availability of cost-effective energy solutions (such as solar panels, low GWP refrigeration, and HVAC solutions)” remains a constraint on the pace of progress.
The Project Gigaton model is the most replicated Scope 3 supplier engagement framework in retail, with over 5,900 suppliers globally signing on between 2017 and 2024. The Gigaton PPA program with Schneider Electric aggregates power purchase agreement demand across suppliers, enabling smaller suppliers to access renewable energy contracts that would otherwise be out of reach individually. The CDP and HSBC supply chain finance program incentivizes suppliers to set science-based targets and improve CDP environmental scores by linking financing terms to ESG performance. With the original gigaton goal achieved in 2024, Walmart is reformulating Project Gigaton with enhanced Scope 3 estimation, assessment of addressable versus uncontrollable value chain emissions, and identification of where emissions reductions can be tied to operating cost savings.
The 10 GW clean energy enablement target by 2030 is the forward-facing capacity goal, with 1,886 MW already enabled through current investments since January 2024 and a 4,402 MW total contracted clean energy portfolio. The majority of new clean energy is expected to come through third-party offsite generation agreements. EV charging is the second clean energy business under development, with 1,300 third-party-managed fast charging stations at 280 stores and clubs in the US. Onsite battery storage at 10 MW across 44 facilities serves as both an operational resilience measure and a clean energy enabler.
- Onsite solar capacity at end of 2024: 166 MW across 325 US facilities (Walmart FY2025 ESG Report).
- Total contracted clean energy portfolio at end of 2024: 4,402 MW (Walmart FY2025 ESG Report).
- New clean energy projects enabled since January 2024 through current investments: 1,886 MW toward a 10 GW by 2030 goal (Walmart FY2025 ESG Report).
- EV fast charging: 1,300 third-party-managed stations at 280 stores and clubs in the US (Walmart FY2025 ESG Report).
- Onsite battery storage at end of 2024: 10 MW across 44 US facilities (Walmart FY2025 ESG Report).
Measurable Impacts
The trajectory from 2015 to 2024 shows clear divergence between absolute and intensity metrics. Total Scope 1+2 emissions fell from approximately 19.1 million mtCO2e at the 2015 baseline to 15.65 million in 2024, an 18.1% reduction. The annual sequence shows: 2022 at 15.22 million mtCO2e (-20.3% vs baseline), 2023 at 15.47 million (-19.0%), and 2024 at 15.65 million (-18.1%) — meaning the trajectory has actually reversed slightly over the last two years, with absolute emissions rising year-on-year in both 2023 (+0.7%) and 2024 (+1.1%). The reversal reflects transportation-related Scope 1 growth and Mexico/Central America emissions increases driven by drought-related declines in regional renewable energy availability.
Emissions intensity tells the opposite story. Per million dollars of revenue, emissions fell from 43.65 mtCO2e in FY2016 to 23.87 mtCO2e in FY2025, a 47.4% reduction. Revenue grew from approximately $482 billion in FY2016 to $681 billion in FY2025 across the same period, so the intensity improvement reflects roughly $200 billion in revenue growth absorbed without commensurate emissions growth. Project Gigaton supplier-reported reductions reached 1.19 billion mtCO2e cumulatively since 2017, with the one-billion-ton goal achieved in 2024. The renewable electricity share of global needs reached 48.5% in 2024, up from approximately 28% in 2017 and on track to hit the 50% by 2025 target.
On waste and packaging, 83.5% operational waste diversion was achieved in FY2025, with 82.6% of private brand plastic packaging designed for recycling. 43.3 million acres of land are reported as more sustainably managed, protected, or restored across the priority commodity supply chains. 95.1% of Walmart US fresh and frozen wild-caught and farmed seafood was reported by suppliers as more sustainably sourced.
- Scope 1+2 emissions: ~19.1M mtCO2e (2015) → 15.22M (2022) → 15.47M (2023) → 15.65M (2024), an 18.1% reduction with 2024 actually 1.1% higher than 2023 (Walmart FY2025 ESG Report).
- Emissions intensity: 43.65 (FY2016) → 23.87 (FY2025) mtCO2e per $M revenue, a 47.4% reduction (Walmart FY2025 ESG Report).
- Renewable electricity share: ~28% (2017) → 47.6% (2023) → 48.5% (2024), on track for 50% by 2025 (Walmart FY2025 ESG Report).
- Project Gigaton cumulative supplier-reported emissions impact: 1.19 billion mtCO2e through 2024 (Walmart FY2025 ESG Report).
- Acres more sustainably managed, protected, or restored: 43.3 million in FY2025 (Walmart FY2025 ESG Report).
Challenges and Areas for Improvement
The Scope 1+2 trajectory is Walmart’s most visible challenge. The company has now publicly acknowledged that the 35% by 2025 interim target will not be met and the 65% by 2030 target is under pressure, with the FY2025 ESG Report stating explicitly that delays in achieving both interim targets are anticipated. Absolute emissions have risen for two consecutive years (+0.7% in 2023 and +1.1% in 2024), driven by transportation-related Scope 1 growth as e-commerce fulfillment expanded and by emissions increases in Mexico and Central America where drought conditions reduced regional hydropower availability and forced reliance on more carbon-intensive grid generation.
Transportation electrification at scale remains the structural challenge. Walmart operates one of the largest private trucking fleets in the United States, and the company notes that “the timely emergence of cost-effective technologies for low-carbon heavy tractor transportation (which is unlikely until the 2030s)” is a binding constraint on Scope 1 reduction. Heavy-duty Class 8 truck electrification is in pilot phase with battery EVs and hydrogen fuel cell vehicles, but industry-ready solutions remain years away. Electric yard trucks are achieving 75% emissions reductions per hour compared to diesel units, but yard trucks are a small subset of the total transport footprint. Renewable diesel and hydrogen-powered equipment development is underway.
Packaging recycled content is the second material gap. Walmart explicitly acknowledges that “business growth and market dynamics have challenged our packaging targets (for example, recycled content),” meaning the recycled-content portion of the program is behind plan even though design-for-recycling is closer to target. The 82.6% design-for-recycling figure is high, but real-world recycling rates depend on infrastructure and material economics outside Walmart’s direct control. The Ellen MacArthur Foundation definition of recyclability used by Walmart is rigorous, but the recycled-content gap is the more telling shortfall.
Renewable energy availability in specific markets is the third challenge, with Mexico’s unavailability of new private renewable energy projects (a regulatory issue) flagged as a binding constraint. The 50% by 2025 renewable electricity target is “on track” but the 100% by 2035 target requires either regulatory liberalization in markets like Mexico or alternative procurement mechanisms.
The Marketplace third-party seller Scope 3 disclosure boundary is the fourth gap, similar to the Amazon question. Walmart’s Scope 3 reporting through Project Gigaton focuses on supplier-engaged emissions reductions rather than total third-party seller emissions, which is technically defensible but leaves a significant portion of the broader marketplace footprint outside the reported boundary.
- Scope 1+2 trajectory: -20.3% (2022) → -19.0% (2023) → -18.1% (2024) vs. 2015 baseline, meaning year-on-year emissions have increased in both 2023 (+0.7%) and 2024 (+1.1%) (Walmart FY2025 ESG Report).
- 35% by 2025 interim target: Walmart explicitly anticipates missing this target (Walmart FY2025 ESG Report).
- 65% by 2030 interim target: Walmart explicitly anticipates delays in achieving this target (Walmart FY2025 ESG Report).
- Heavy-duty truck electrification: cost-effective technologies unlikely until the 2030s, per Walmart’s own acknowledgment (Walmart FY2025 ESG Report).
- Recycled content in packaging: behind target, acknowledged in CSO message (Walmart FY2025 ESG Report).
Future Plans and Long-Term Goals
Through 2030, the program centers on the SBTi-validated 65% Scope 1+2 reduction (now flagged as likely delayed), the 100% renewable electricity goal by 2035, the 2040 zero-emissions ambition across enterprise operations, the 10 GW of new clean energy projects enabled by 2030, and the next phase of Project Gigaton supplier engagement following the one-billion-ton achievement in 2024. Walmart Foundation smallholder farmer programs in India aim to reach 1 million smallholders by 2028, with grants already designed to reach 700,000+ since 2023. The Made in the U.S. commitment of an incremental $350 billion in cumulative spend by end of FY2031 is the largest single supplier opportunity initiative, with $176 billion completed through FY2025.
Looking forward, Walmart’s reframing of Project Gigaton is expected to include enhanced Scope 3 estimation methodology, prioritization of addressable versus uncontrollable value chain emissions, and identification of emissions reductions that can be tied directly to operating cost savings. The 10 GW clean energy enablement target is structured around third-party offsite generation as the majority of capacity, with onsite solar, battery storage, and EV charging building out the customer-facing clean energy business. Heavy-duty transportation decarbonization is the longest-horizon challenge, with cost-effective technologies not expected until the 2030s per Walmart’s own assessment.
Relative to peers, Walmart leads on Scope 3 supplier engagement program structure (Project Gigaton is the most replicated framework in retail), on candor about missed targets (the explicit acknowledgment is unusual at the multi-hundred-billion-dollar scale), and on smallholder farmer livelihood programs. It lags Target on absolute Scope 1+2 reduction depth (Walmart’s 18.1% vs Target’s 41.3% from a 2017 baseline), on renewable electricity share (Walmart’s 48.5% vs Target’s 75%+), and on supplier SBTi adoption rate (Walmart engages broadly but does not publish a comparable supplier-SBTi-set figure).
- 2030 Scope 1+2 reduction target: 65% vs. 2015 baseline, SBTi-validated, now flagged as delayed (Walmart FY2025 ESG Report).
- 2035 renewable electricity target: 100% of global operations, with 48.5% achieved in 2024 (Walmart FY2025 ESG Report).
- 2040 zero-emissions ambition across enterprise operations (Walmart FY2025 ESG Report).
- 10 GW of new clean energy projects enabled by end of 2030, with 1,886 MW enabled since January 2024 (Walmart FY2025 ESG Report).
- Made in the U.S. spend commitment: incremental $350 billion by end of FY2031, with $176 billion completed (Walmart FY2025 ESG Report).
Comparisons to Industry Competitors
Amazon is the closest scale peer, with $638 billion in 2024 revenue versus Walmart’s $681 billion in FY2025, and offers the cleanest head-to-head on retail sustainability strategy. Amazon’s Scope 1 emissions rose 162% versus a 2019 baseline (compounding at roughly 25.5% per year) and total emissions reached 68.25 million mtCO2e in 2024 versus Walmart’s 15.65 million Scope 1+2 (Amazon’s Scope 3 dominates at 50.3 million mtCO2e). Amazon was removed from the Science Based Targets initiative committed-companies list in mid-2024 for failure to file targets within the two-year window, leaving Walmart as the only one of the two with SBTi-validated targets. Amazon’s carbon intensity per dollar of gross merchandise sales fell 40.9% from 2019 to 2024, broadly comparable to Walmart’s 47.4% intensity decline from FY2016 to FY2025. Head-to-head: Walmart leads on SBTi validation, on absolute Scope 1+2 emissions reduction depth, on Scope 3 supplier engagement program structure through Project Gigaton, and on candor about missed targets; Amazon leads on renewable electricity share (100% match achieved from 2023 onward versus Walmart’s 48.5%), on data center efficiency through AWS, and on EV fleet scale (31,400 vans deployed versus Walmart’s pilot-stage heavy-duty BEV program).
Target is the closest US pure-play retail peer, smaller at approximately $107 billion in revenue but with substantially deeper sustainability progress on most metrics. Target reduced absolute Scope 1+2 emissions by 41.3% from a 2017 baseline by 2024, more than double Walmart’s 18.1% from 2015. Renewable electricity reached more than 75% of operational electricity in 2024, surpassing Target’s 2025 goal of 60% — Walmart’s 48.5% is roughly on track but well short of Target’s pace. Target’s Scope 3 emissions fell 5.6% from a 2017 baseline by 2024, with 71% of suppliers by spend (more than 700 partners) having set science-based targets, though Target acknowledged it had not yet reached its 80% by 2023 supplier-SBTi goal. Target has committed to net-zero across the enterprise by 2040, the same horizon as Walmart, with Scope 3 SBTi-validated. Head-to-head: Target leads on Scope 1+2 reduction depth, renewable electricity share, and supplier SBTi adoption rate; Walmart leads on absolute scale of supplier engagement (5,900+ suppliers in Project Gigaton vs 700+ at Target), on smallholder farmer programs, and on revenue-weighted clean energy capacity enablement.
Costco Wholesale, the third closest peer at approximately $254 billion in revenue and the natural comparator for Sam’s Club, has historically lagged both Walmart and Target on sustainability disclosure depth, with no SBTi-validated targets at the enterprise level as of mid-2025 and a more limited scope of public sustainability commitments. Costco’s CDP responses cover Scopes 1, 2, and partial Scope 3, but the company has not adopted a 2030 absolute reduction target framework comparable to Walmart’s or Target’s. Head-to-head: Walmart and Target both lead Costco on virtually every sustainability KPI category, though Costco’s operational model (fewer stores, larger format, treasury-hunt assortment) gives it structurally lower per-revenue emissions intensity than either peer.
- Amazon 2024 Scope 1 emissions: ~15.1 million mtCO2e, up 162% since 2019 baseline; removed from SBTi committed-companies list mid-2024 (Stand.earth analysis of Amazon 2024 Sustainability Report).
- Target 2024 absolute Scope 1+2 reduction vs. 2017 baseline: 41.3%, more than double Walmart’s 18.1% vs. 2015 (Target 2025 Sustainability and Governance progress disclosures).
- Target 2024 renewable electricity share: more than 75%, surpassing 2025 goal of 60% (Target 2025 Sustainability and Governance progress disclosures).
- Target supplier SBTi adoption: 71% of suppliers by spend (700+ partners) had set SBTi targets by 2024, against 80% by 2023 goal (Target 2024 Sustainability and Governance Report).
- Costco 2024 SBTi status: no enterprise-level SBTi-validated targets (Costco corporate responsibility disclosures; SBTi register).
Sources
https://sustainability.aboutamazon.com/2024-report
https://stand.earth/press-releases/amazons-2024-sustainability-report-reveals-companys-direct-emissions-have-increased-162-since-announcing-climate-pledge-in-2019/
https://corporate.target.com/news-features/article/2025/10/sustainability-governance-report https://corporate.target.com/getmedia/61bfcb36-0a4e-4755-98bf-9c545bb5300d/2024-Sustainability-and-Governance-Report-Appendix.pdf
Walmart’s FY2025 ESG Report is, by the standards of large-cap retail peer reporting, an unusually candid disclosure that pairs significant achievement (the Project Gigaton one-billion-ton goal hit six years early) with significant shortfall (the explicit acknowledgment that both 2025 and 2030 Scope 1+2 targets will be delayed). The Shared Value framing is more measured than the climate-positive marketing common at peer companies, and the document treats sustainability as a function of operational resilience and supplier engagement rather than as a separate communications agenda. The Project Gigaton achievement is the most consequential corporate-led Scope 3 outcome in retail to date, and the reformulation underway in 2025 will set the template for how mass retailers approach Scope 3 disclosure under tightening SEC, EU, and IFRS S2 requirements.
Three takeaways are portable to other companies. First, candor about missed targets is operationally cheaper than the alternative, particularly under the IFRS S2 reporting standard where forward-looking statements receive heightened scrutiny — Walmart’s explicit statement that “we continue to anticipate delays in achieving our interim emissions reduction targets” is more credible than the silent retirement and rebaselining approach taken by some peers, and reduces regulatory and reputational risk in the medium term. Second, the Project Gigaton supplier engagement model demonstrates that Scope 3 emissions reductions at billion-ton scale are achievable when the engagement architecture (supplier finance, aggregated PPA access, CDP scoring) is built deliberately and run consistently for seven-plus years — most companies trying to copy the model in 2024 and 2025 are unlikely to see comparable results until the early 2030s. Third, transportation electrification at the heavy-duty Class 8 tier is the structural constraint on retail Scope 1 reduction trajectories, and Walmart’s own admission that cost-effective technologies are unlikely until the 2030s is a signal worth heeding for any retailer or logistics operator setting interim 2030 targets that depend on heavy truck electrification.
