“ On average, 80% of a company’s carbon footprint resides in its supply chain, which means delivering on Scope 3 emissions won’t happen unless more is done to help small and medium sized suppliers. Now with CDP scoring added to the mix, the program provides suppliers with one more way to take advantage of lower priced financing through progress and disclosure – and exemplifies how we approach sustainability through a shared value lens,” said Jane Ewing, SVP for Sustainability at Walmart.
That includes creating programs such the Sustainable Supply Chain Finance with HSBC so that smaller and medium sized businesses can also take advantage of special financing to make the necessary investments in their sustainability journeys. “ Our work with Project Gigaton™ is purposefully meant to encourage all Walmart suppliers to pursue emission reduction goals across six pillars: Energy, Nature, Waste, Packaging, Transportation and Product Use & Design. HSBC has been supporting Walmart’s Sustainable Supply Chain Finance program (SSCF) since 2019 – encouraging its suppliers through improved financing rates – if they reduce GHG emissions in at least one of the six pillars that are a part of Project Gigaton™. The announcement marks a key next phase in Walmart’s journey to avoid one billion metric tons (a gigaton) of GHG emissions from its global supply chain by 2030. Powered by CDP data and supported by HSBC, the industry-first financing program using SBTi will help Walmart’s private brand suppliers – particularly small and medium-sized businesses – by introducing enhanced standards, tools and capacity building to help them upskill and in turn align their operations with transparent sustainability objectives. (8 December 2021) Walmart today raised the bar on climate action by creating a supply chain finance program that not only drives greenhouse gas (GHG) emissions reductions through CDP’s TCFD-aligned disclosures, but for the first time, uses science-based targets to do so in a way that aims for a 1.5-degree Celsius pathway.
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