Nike, Inc. is a multinational corporation that is headquartered in Beaverton, Oregon, United States of America. The company was founded in 1964 by Bill Bowerman and Phil Knight, and it has grown to become one of the world's largest manufacturers and distributors of athletic footwear, apparel, and accessories. Nike, Inc. operates in the Athletic Footwear sector, and it is known for its innovative products, iconic branding, and commitment to sustainability.
Nike, Inc. has a long history of environmental stewardship, and the company has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources. In 2015, Nike, Inc. announced its commitment to decarbonisation, which involves reducing its greenhouse gas emissions to zero by 2050. To achieve this goal, the company has implemented a range of initiatives, including energy efficiency improvements, renewable energy procurement, and the use of sustainable materials in its products.
One of Nike, Inc.'s key strategies for reducing its carbon footprint is through corporate energy management. The company has implemented a range of energy efficiency measures across its operations, including lighting upgrades, HVAC improvements, and the installation of energy management systems. These measures have helped Nike, Inc. to reduce its energy consumption and greenhouse gas emissions, while also saving the company money on energy bills.
In addition to energy efficiency measures, Nike, Inc. has also invested in renewable energy sources through corporate power purchase agreements (PPAs). A PPA is a contract between a company and a renewable energy provider, which allows the company to purchase renewable energy at a fixed price over a set period of time. Nike, Inc. has signed several PPAs with wind and solar energy providers, which has helped the company to increase its use of renewable energy and reduce its reliance on fossil fuels.
One notable example of Nike, Inc.'s use of corporate PPAs is the company's partnership with Avangrid Renewables. In 2019, Nike, Inc. signed a 15-year PPA with Avangrid Renewables to purchase 86 megawatts of wind energy from the Karankawa Wind Farm in Texas. This PPA is expected to generate approximately 100,000 megawatt hours of renewable energy per year, which is equivalent to the energy used by more than 10,000 homes in the United States. By purchasing renewable energy through a PPA, Nike, Inc. is able to reduce its carbon footprint and support the growth of the renewable energy industry.
In addition to energy management and renewable energy procurement, Nike, Inc. has also focused on the use of sustainable materials in its products. The company has set a goal to use 100% sustainable materials in its products by 2030, and it has made significant progress towards this goal in recent years. Nike, Inc. has introduced a range of sustainable materials, including recycled polyester, organic cotton, and plant-based materials. The company has also implemented a closed-loop manufacturing process, which involves recycling and repurposing materials to reduce waste and conserve resources.
Overall, Nike, Inc. is a leader in the athletic footwear sector when it comes to sustainability and decarbonisation. The company has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources, and it has implemented a range of initiatives to achieve these goals. Through energy efficiency measures, corporate PPAs, and the use of sustainable materials, Nike, Inc. is demonstrating its commitment to environmental stewardship and creating a more sustainable future.