How CarMax Will Reach Net Zero Emissions by 2050

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CarMax today announced its commitment to achieve net zero carbon emissions by 2050. The commitment is part of CarMax’s overall efforts to reduce its environmental impact and to align with the climate change mitigation goals set out by the Paris Agreement. The company has already made reductions to its carbon footprint and is targeting a 50% reduction of greenhouse gas (GHG) emissions by 2025, compared with a 2018 baseline.

CarMax is focusing its initial efforts on a two-pronged strategy: Scope 1 emissions: Reducing the company’s own emissions; and Scope 2 emissions: Increasing the share of renewable energy in the company’s overall electricity supply (Scopes 1 and 2 as defined by the Paris Agreement).

These efforts are expected to include:

• Avoiding and reducing emissions through energy conservation measures;
• Applying on and off-site renewable energy generation;
• Implementing renewable energy procurement strategies, i.e.; renewable supply contracts, power purchase agreements; and
• If necessary, purchasing verified and socially beneficial offsets.

In addition to its net zero initiative, CarMax is focusing on the expanding market for electric vehicles (EVs). The company expects to invest in training, tools, and internal infrastructure to strengthen its ability to service and recondition EVs to its standards.