TJ Maxx’s Parent Company Sets Goal to Be Net Zero by 2040 as Part of Accelerated Environmental Plan
The TJX Companies announced new plans on Wednesday to expand and accelerate its environmental goals as part of its ongoing sustainability strategy.
As part of its new plans, the parent company of Marshalls, T.J. Maxx and Home Goods is aiming to achieve net zero greenhouse gas (GHG) emissions in its operations by 2040; source 100% renewable energy in its operations by 2030; divert 85% of its operational waste from landfill by 2027; and shift 100% of the packaging for products developed in-house by its product design team to be reusable, recyclable or contain sustainable materials by 2030.
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“I am so pleased with all we have accomplished over the years, and we are by no means done,” said Ernie Herrman, president and CEO of The TJX Companies, in a statement. “These new environmental sustainability goals are important to us in terms of our work to mitigate our impact on the environment. We look forward to continuing to enhance our programs and reporting as we move forward.”
These new commitments expand upon the off-price company’s work to reduce its emissions and energy usage, manage waste, and source responsibly. In 2021, the company reported it had reduced its GHG by 154,000 metric tons and diverted 240,000 metric tons of waste from landfills.
In June 2020, after exceeding its previous GHG emissions reduction goal, TJX set a science-based target in alignment with the United Nations’ Paris Agreement guidelines — a 55% absolute reduction in GHG emissions from direct operations by fiscal year 2030, against a fiscal year 2017 baseline.
TJX said it plans to continue to report against this target on its path toward its net zero emissions goal in its operations. The company also stated that it has responded to the CDP Climate Change Questionnaire for 12 consecutive years, most recently earning an A- for its 2021 disclosure.
This news comes as the company reported in February that it missed analyst expectations in the fourth quarter of 2021. Sales in the quarter were impacted by surges in COVID-19 due to the spread of the Omicron variant, explained Herrman at the time. Heightened freight and wage cost pressures also impacted the company’s performance in Q4, though executives expect this to level out throughout 2022.
Despite the issues, analysts remain confident in TJX Companies’ ability to emerge from supply chain challenges.
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