These days, it’s no surprise to see a company pledging to grow their social and environmental initiatives, and Target is definitely not an exception. However, it’s not quite so common to see something as expansive as Target’s new Target Forward initiative.
In a late June press release, Target includes a quote by founder George Draper Dayton who said nearly 90 years ago:
Success is making ourselves useful in the world, valuable to society, helping in lifting the level of humanity, so conducting ourselves that when we go, the world will be somewhat better of our having lived the brief span of our lives.
The retailer’s new list of initiatives definitely seem to back up this sentiment. Target's goal is to-create an equitable and regenerative future with their guests, partners and communities by designing and elevating sustainable brands, innovating to eliminate waste, and accelerating opportunity and equity.
Goals already met
In their press release, Target lists some of their recent accomplishments:
We’ve already designed a number of our owned brands to feature sustainably sourced or recycled materials — including Everspring, Universal Thread and All In Motion.
In 2019, we set science-based targets to reduce our emissions as well as those throughout our supply chain. And we just committed to join the Business Ambition for 1.5°C, helping ensure that our emissions won’t contribute to atmospheric warming of more than 1.5 degrees.
Earlier this year, we secured three new solar and wind energy contracts that, together with our existing partnerships, mean we’ll purchase nearly 50% of Target’s electricity from renewable sources once these projects are operational.
We’ve made strides in our social justice efforts as well with the guidance of our Racial Equity Action and Change committee, including committing $2 billion to support Black-owned businesses and launching our Target Scholars program for 1,000 students attending Historically Black Colleges and Universities.
And as always, we remain committed to our team. In 2020, we invested an additional $1 billion in the health, safety and well-being of our team members, including implementing a $15 hourly starting wage in the U.S.
Goals for the future
Building on what they've already accomplished, Target lists the following goals going forward:
By 2030, we aim to be the market leader for creating and curating inclusive, sustainable brands and experiences.
By 2040, we plan for 100% of our owned brand products to be designed for a circular future. We will continue designing to eliminate waste, using materials that are regenerative, recycled or sourced sustainably, to create products that are more durable, easily repaired or recyclable.
By 2040, we commit to being a net zero enterprise – zero waste to landfill in our U.S. operations and net zero emissions across both our operations and supply chain, inclusive of scopes 1, 2 and 3.
By 2030, we aim to build a team that equitably reflects the communities we serve, beginning with our commitment to increase Black team member representation across the company by 20% by 2023.
Target and the Target Foundation will become even more deeply ingrained within our communities, lifting up the voices and unique perspectives of community members to maximize the positive impact we can create together.
Target Forward is certainly ambitious, but if the company’s past efforts are any indication of their future success, Target will continue to set the bar high.
Planning ahead
Many companies have set sustainability and equity goals in recent years and have already started implementing powerful changes to their businesses. How do you think Target Forward stacks up against other initiatives? Does your business have a plan for sustainability and/or equity? What steps have you taken to reach your goals? We'd love to hear from you! Email us: inquiries@ripcordbrands.com or give us a call: (303) 536-5505.