Lululemon is a Canadian company that operates in the Family Clothing Stores sector. The company is known for its high-quality athletic wear, which is designed to help people perform at their best. Lululemon was founded in 1998 in Vancouver, Canada, and has since grown to become a global brand with stores in over 20 countries.
One of the key priorities for Lululemon is decarbonisation. The company is committed to reducing its carbon footprint and has set ambitious targets to achieve this goal. Lululemon has committed to reducing its greenhouse gas emissions by 50% by 2030, and to achieve net-zero emissions by 2050. To achieve these targets, Lululemon is investing in renewable energy and energy efficiency measures.
One of the ways that Lululemon is investing in renewable energy is through corporate power purchase agreements (PPAs). A corporate PPA is a long-term contract between a company and a renewable energy provider, which guarantees the company a fixed supply of renewable energy at a fixed price. By entering into a corporate PPA, Lululemon is able to secure a reliable source of renewable energy, while also supporting the growth of the renewable energy industry.
Lululemon has already signed several corporate PPAs, including agreements to purchase wind power in Texas and solar power in North Carolina. These agreements will provide Lululemon with a total of 138 MW of renewable energy, which is equivalent to the energy needed to power 50,000 homes for a year. By investing in renewable energy through corporate PPAs, Lululemon is not only reducing its carbon footprint but is also helping to create a more sustainable future.
In addition to investing in renewable energy, Lululemon is also focused on reducing its energy consumption through energy efficiency measures. The company has implemented a number of initiatives to reduce its energy use, including upgrading lighting systems, installing energy-efficient HVAC systems, and implementing energy management systems. These measures have helped Lululemon to reduce its energy consumption by 5% per square foot since 2016.
Lululemon has also set a target to source 100% of its electricity from renewable sources by 2021. The company is on track to achieve this target, with renewable energy accounting for 75% of its electricity consumption in 2019. Lululemon is also a member of the RE100 initiative, which is a global initiative that brings together companies committed to sourcing 100% of their electricity from renewable sources.
In addition to its focus on decarbonisation and renewable energy, Lululemon is also committed to sustainability more broadly. The company has set a number of sustainability targets, including reducing water use, reducing waste, and sourcing sustainable materials. Lululemon has also launched a number of initiatives to promote sustainability, including a clothing recycling program and a sustainable product line made from recycled materials.
Overall, Lululemon is a company that is committed to sustainability and decarbonisation. The company is investing in renewable energy through corporate PPAs, energy efficiency measures, and a commitment to sourcing 100% of its electricity from renewable sources. Lululemon is also focused on sustainability more broadly, with initiatives to reduce water use, reduce waste, and source sustainable materials. As a result, Lululemon is not only reducing its carbon footprint but is also helping to create a more sustainable future.