PVH Corp. is a leading global apparel company that operates in the Apparel Design sector. The company is headquartered in New York City, USA, and has a presence in more than 40 countries worldwide. PVH is a parent company of several well-known brands, including Calvin Klein, Tommy Hilfiger, Van Heusen, and Izod. PVH is committed to sustainability and has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources.
Decarbonisation is a key priority for PVH. The company has set a science-based target to reduce its greenhouse gas emissions by 30% by 2030, and to achieve net-zero emissions by 2050. PVH is committed to reducing emissions across its entire value chain, from sourcing raw materials to manufacturing and distribution. The company is also working to reduce the carbon footprint of its products by designing more sustainable products and using more sustainable materials.
Corporate energy is another area of focus for PVH. The company is committed to reducing its energy consumption and increasing its use of renewable energy sources. PVH has set a goal to source 100% of its electricity from renewable sources by 2030. To achieve this goal, the company is investing in renewable energy projects, such as wind and solar, and is also exploring corporate power purchase agreements (PPAs) to secure renewable energy supply.
Corporate PPAs are a key tool for PVH to transition to renewable energy sources. PPAs are long-term contracts between a renewable energy developer and a corporate buyer, in which the buyer agrees to purchase a specified amount of renewable energy at a fixed price over a set period of time. PPAs provide a stable and predictable source of renewable energy for the buyer, while also supporting the development of new renewable energy projects.
PVH has already signed several corporate PPAs to support its transition to renewable energy. In 2019, the company signed a 10-year PPA for 100 megawatts of wind energy from the Western Spirit Wind project in New Mexico. The project will supply renewable energy to PVH's operations in North America, including its distribution centers, offices, and stores. PVH has also signed a PPA for 46 megawatts of solar energy from a project in North Carolina, which will supply renewable energy to the company's operations in the southeastern United States.
Renewable energy is a key part of PVH's sustainability strategy. The company is committed to increasing its use of renewable energy sources, such as wind and solar, to reduce its carbon footprint and support the transition to a low-carbon economy. PVH's investments in renewable energy projects and corporate PPAs demonstrate the company's commitment to sustainability and its leadership in the apparel industry.
In addition to its focus on decarbonisation and renewable energy, PVH is also committed to other sustainability initiatives. The company has set goals to reduce water usage, waste, and chemical usage in its operations and supply chain. PVH is also committed to promoting human rights and fair labor practices throughout its supply chain, and has established a robust responsible sourcing program to ensure that its suppliers meet high ethical and environmental standards.
PVH's sustainability efforts have been recognized by several external organizations. The company has been included in the Dow Jones Sustainability Index for North America for the past nine years, and has also been recognized by CDP (formerly the Carbon Disclosure Project) for its climate change and water stewardship efforts. PVH has also been recognized for its leadership in corporate social responsibility by the Ethisphere Institute, which named the company one of the World's Most Ethical Companies for the past nine years.
In conclusion, PVH Corp. is a leading global apparel company that is committed to sustainability and decarbonisation. The company has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources, and is investing in renewable energy projects and corporate PPAs to achieve these goals. PVH's sustainability efforts have been recognized by several external organizations, and the company is a leader in the apparel industry in promoting sustainability and responsible business practices.