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Wednesday, 24 March 2021 20:14

CarMax Sets Goal for Net Zero Carbon Emissions

Written by Auto Remarketing Staff
CarMax Sets Goal for Net Zero Carbon Emissions Ken Wolter/Shutterstock.com

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As part of its efforts to reduce its environmental impact and align with the Paris Agreement’s climate change mitigation goals, CarMax announced its commitment to achieve net zero carbon emissions by 2050.

CarMax said it will initially use a strategy with two scopes as defined by the Paris Agreement. The first is to reduce its own emissions. The second scope is to increase the share of renewable energy in the company’s overall electricity supply.

 

The company said it expects those efforts to include using energy conservation measures to avoid and reduce emissions.

 

Those efforts could also include:

 

  • Applying on- and off-site renewable energy generation
  • Implementing renewable energy procurement strategies, such as renewable supply contracts, and power purchase agreements
  • Purchasing verified and socially beneficial offsets if necessary

 

CarMax said it has already made meaningful reductions to its carbon footprint. It is targeting a 50% reduction of greenhouse gas emissions by 2025, compared with a 2018 baseline.

 

In addition to its net zero initiative, CarMax is focusing on the expanding electric vehicle market, with CarMax CEO Bill Nash saying the company intends to be a leader in offering used EVs as the market evolves and grows.

 

Related to that goal, the company expects to invest in training, tools and internal infrastructure to strengthen its ability to service and recondition EVs.

 

At the end of May, CarMax will publish its 2021 Responsibility Report, which will provide more information on CarMax’s net zero efforts and other ESG topics, available here.

 

CarMax said it is currently evaluating Scope 3 value chain emissions.

 

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