Climate Change

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As an omni-channel retailer with operations in 19 countries, a global supply chain, and hundreds of millions of customers worldwide, a strong climate strategy can help us manage risks associated with climate change, strengthen the resilience of our business, and create competitive advantage. Our reach and relationships provide an opportunity to lead through reducing our operational emissions, supporting decarbonization of value chains, and expanding access to clean energy.

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Our approach includes:

• Governing our climate strategy through management, executive leadership, and Board committee oversight
• Assessing physical and transition climate risk
• Mitigating emissions in our operations and supporting decarbonization of our value chain
• Adapting our business to enhance resilience to climate-related risk
• Advocating for 1.5^o-C-aligned public policy
• Transparently reporting on our progress and challenges

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Governance

Board Committee Oversight

By charter, the Nominating and Governance Committee (NGC) of the Walmart Inc. Board of Directors (Board) reviews and advises management regarding the Company’s sustainability initiatives, including those related to climate change. For additional information, read our board-approved Statement on Climate Policy.

Management and Executive Leadership Oversight

Walmart’s corporate sustainability team leads the development of our climate strategy, working with a cross-functional team across our business to ensure it is embedded in relevant business strategies (e.g., operations, merchandising, real estate, energy transformation, finance, public policy).

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Climate Risk Assessment

To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020). 

In 2020, to assess physical risk, we used Representative Concentration Pathway (RCP) 8.5 and analyzed the impact of five associated climate effects (flood, heat, drought, extreme precipitation, and extreme winds) across five key geographies (Canada, China, India, Mexico, and the United States) for 2030 and 2050. We quantitatively evaluated the direct impacts of climate change on our operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see 2020 Climate Risk Assessment.

Key Findings

Under the modeled scenario:

Operational impacts: Our facilities could be affected by severe weather events (e.g., flooding, extreme storms). Heating/cooling costs could also potentially increase in two-thirds of Walmart locations by 2030, and 80% of locations by 2050.

Product supply chain impacts: By 2050, climate change’s impact on weather patterns is likely to affect production, distribution, and (in some cases) the viability of food and other consumer products, with some commodities (e.g., coffee, cocoa, and cotton) potentially facing significant challenges, while others (e.g., animal feed, milk, and rice) potentially remaining largely unaffected.

Community impacts: By 2050, ~50% of communities currently served by Walmart U.S. facilities could face significant, long-term disruption, including significant increases in household power costs.

Potential transition risks include:

• Increased capital expenditures driven by legislation/regulation (e.g., adjustments to carbon pricing, energy/water efficiency standards), market forces (e.g., refrigerant pricing affected by supply volumes), and compliance (e.g., associated with lack of consistent national standards)
• Product mix shifts driven by changing consumer demands (e.g., gasoline/motor oil due to EV adoption)
• Asset depreciation driven by technology innovation (e.g., EV chargers underutilized if hydrogen becomes dominant for passenger vehicles).

Regular Monitoring of Climate-related Risks and Opportunities

Management is responsible for the annual Enterprise Risk Management (ERM) process and the day-to-day management of risks, including considering risks in categories which include, but are not limited to: strategic; reputational; financial; legal, regulatory and compliance; and operational risks, including the long-term impacts of climate change. The outputs of this process are shared with Walmart’s Governance and Risk Committee and with the Audit Committee of the Board. Relevant business segments also consider climate-related issues as part of their annual strategic and operating plan development.

We also monitor for climate-related opportunities. For example, the Inflation Reduction Act incentivized economy-wide action to prioritize the commercialization of clean energy and transportation technologies, the Infrastructure Investment and Jobs Act helped enable the expansion of renewables and clean energy (including EV charging capacity), and the growth in electric vehicle ownership has built and supported numerous businesses across multiple industries (including an opportunity to expand our EV charging network to serve existing customers and draw in new ones).

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Emissions Mitigation Strategy

Our emissions mitigation strategy includes working towards zero operational emissions (GHG Protocol Scopes 1 & 2) and engaging suppliers and other stakeholders to reduce emissions in our product value chain (GHG Protocol Scope 3).

Operational Emissions (GHG Protocol Scopes 1 & 2)

In retail, operational emissions include emissions from onsite refrigeration, transport fuels, stationary fuels (all considered "Scope 1") and from electricity ("Scope 2").

Walmart’s annual year-over-year operational emissions (Scopes 1 & 2) rose by 3.91%⁴ in 2023, while emissions intensity continued to decline, dropping 2% year-over-year.^3,4 Scope 1 emissions rose by 4.6% and Scope 2 (market-based) emissions rose by 3.1%, primarily due to:

• Usage of aging, high-emitting refrigeration equipment
• Transportation-related emissions in the U.S., including shifting certain routes from third parties to Walmart and a growing fleet
• Renewable energy expansion slowing relative to business growth 

As a result, 2023 Scope 1 & 2 emissions are 19.3% lower than our 2015 baseline, while emissions intensity has dropped 45% over the same period (meaning dollar for dollar, our business is roughly half as emissions intensive as it was in FY2016). 

While we continue to work toward our aspirational target of zero operational emissions by 2040, progress will not be linear—both cumulatively and by key emissions source—and depends not only on our own initiatives but also on factors beyond our control. These factors include energy policy and infrastructure in Walmart markets around the world, availability of more cost-effective low-GWP refrigeration and HVAC solutions, and timely emergence of cost-effective technologies for low-carbon heavy tractor transportation (which does not appear likely until the 2030s). 

While we cannot predict the future, we anticipate challenges related to these factors will delay achievement of our interim emissions reduction targets (35% reduction in emissions by 2025; 65% reduction by 2030). We will continue to report progress and in 2025 will consider revising our targets based on the best available information and assumptions at that time.

The five primary workstreams in our operational emissions reduction strategy are:

Indirect Emissions (GHG Protocol Scope 3)

Indirect—or Scope 3—emissions come from activities upstream and downstream of a retailer's direct operations, not owned or controlled by the retailer but indirectly influenced. Upstream emissions come from suppliers and production activities such as raw material processing, energy used in manufacturing facilities, agricultural emissions, and transportation. Downstream emissions come from customer use of products, such as appliances (e.g., emissions from household electricity) and food (e.g., off-gassing of disposed, uneaten food). 

Significant reduction in indirect emissions requires transformation of energy, materials, transportation, and food systems through the efforts of many across the public sector, civil society, and the private sector. Such emissions are also difficult to estimate (let alone measure) because of the extensive scope and complexity of supply chains across hundreds of thousands of items.

Although the emissions associated with the production and use of products are beyond our direct control, Walmart has engaged suppliers in efforts to reduce emissions and enhance the resilience of product value chains since 2010. Value chain initiatives that reduce emissions can also deliver business benefits such as surety of supply, cost efficiencies, and new growth opportunities.

• 2010: Walmart set a target to eliminate an estimated 20 million metric tons of GHG emissions from our global supply chain and announced achievement of this target in 2015.
• 2016: Walmart became the first retailer to set a Scope 3 target approved by the SBTi through our Project Gigaton, committing to engage suppliers to reduce, avoid, or sequester one billion metric tons of GHG emissions in their product value chains from 2015 to 2030. We announced achievement of this goal in February 2024.

Walmart reports on Scope 3 emissions and activities in two distinct but related ways:

• Project Gigaton: Walmart engages suppliers to pursue projects—such as enhancing factory efficiency or reducing packaging—that have a measurable reduction on GHG emissions. We report on the cumulative emissions impact of these projects (as reported by our suppliers) using science-based “calculators” to estimate the emissions impact of each project.
• Scope 3 Footprint: A broad estimate of indirect emissions produced at every stage of production and consumption of the products we sell globally in a given year, using high-level category sales data and industry average emissions factors. We expect our Scope 3 footprint to be positively impacted as Walmart continues to engage our supply chain to address key sources of Scope 3 emissions, and secures additional, and in some cases more accurate, data from suppliers.

While many projects that produce a positive result under Project Gigaton can also positively impact Walmart’s Scope 3 footprint, data gaps and immature Scope 3 footprint estimation methodologies mean that these efforts and results cannot be fully reconciled.

Project Gigaton

In 2016, Walmart became the first retailer to set a SBTi-approved target for emissions reduction, which included a goal—which we called Project Gigaton—to help reduce, avoid, or sequester 1 billion metric tons (a gigaton) of CO2e in global product value chains by 2030. To catalyze immediate, significant, and sustained effort toward this goal, we worked with World Wildlife Fund (WWF), Environmental Defense Fund (EDF), and CDP to develop programs to engage suppliers, NGOs, and others in reducing major concentrations of emissions in global value chains, including actions with a specific focus on energy, transportation, product design, waste, packaging, and nature.

Although we achieved our 1 billion metric tons goal¹², we are continuing to engage suppliers under the Project Gigaton banner to further accelerate emissions reduction across the value chain in ways that are positive for our customers, suppliers, farmers and other producers, and communities.

Purpose of Project Gigaton

We designed Project Gigaton to accelerate mitigation of emissions in product value chains, with a focus on addressable sources of emissions that contribute to Scope 3 emissions in retail. Design principles include:

• Immediate, relevant action: The program encourages suppliers to take immediate, science-based actions focused on the most relevant sources of emissions in product value chains, such as energy sources or agricultural practices.
• Making it easy for all suppliers: The program is designed to accommodate suppliers who vary in their readiness and capability of undertaking intensive GHG reduction efforts. For example, in 2023, suppliers that participated in Project Gigaton had annual sales to Walmart that ranged from <$1 million to $15 billion in U.S. product net sales⁶. We provide support to build confidence and capability in mitigating emissions, from goal setting to action to reporting.
• Industry-wide innovation: By engaging and supporting suppliers around the world who span product categories, we aim to facilitate connections and spark the innovation needed to accelerate and expand emissions reduction and avoidance.

How Project Gigaton Works

Through Project Gigaton, Walmart encourages and supports suppliers to set emissions goals, take action, and report results on emissions reduction, avoidance, and sequestration efforts in their value chains (which include, but may go beyond, Walmart’s chain). See Project Gigaton Pillars & Action table below for additional details.

• Setting Goals: Project Gigaton encourages suppliers to set goals across six action areas (pillars) that are among the most critical for mitigating emissions in product supply chains and relevant to our suppliers’ businesses: energy use, nature, waste, packaging, transportation, and product use and design. We worked with WWF and EDF to develop emissions "calculators" that suggest opportunities for emissions reduction, avoidance, and sequestration as well as help suppliers calculate the estimated emissions impact of their initiatives.
• Taking Action: We engage our suppliers to understand and design interventions to help mitigate emissions generally and in challenging and GHG-intensive product categories (e.g., beef, dairy, soy supply chains). Actions and interventions include:
  • Providing calculators to help suppliers identify relevant opportunities to mitigate emissions
  • Setting product standards and requirements, including certification requirements
  • Hosting webinars and summits to provide training and share best practices 
  • Offering programs to help accelerate impact, such as the Gigaton PPA and Circular Connector
  • Providing tools and playbooks, such as the Place Based Projects Map
  • Helping suppliers secure financial support by working with CDP and HSBC to provide an early-payment program for qualified suppliers
• Reporting and Recognition: Walmart encourages suppliers to increase their engagement, publicly recognizing them with "Sparking Change" or "Giga Guru" status based on increasing levels of ambition in goal-setting and reporting. To further facilitate reporting and transparency, Walmart allows suppliers to leverage their CDP disclosures to report to Project Gigaton.

Scope 3 Footprint

Walmart has reported broad estimates of our Scope 3 emissions footprint since 2017. Just as the GHG Protocol methodology continues to evolve, so too has our methodology (and comprehensiveness in terms of market coverage and included GHG “categories”).¹⁵

Our 2022 and 2023 Scope 3 emissions footprint estimates are aligned with the current GHG Protocol Corporate Accounting and Reporting Standard. The metric represents a very broad, order-of-magnitude estimate, based on aggregate product category sales and publicly available emissions factors for the production and consumption of our assortment, including (based on the accounting protocol), the lifetime emissions of energy-using products based on the electricity grids powering customer households around the world.²¹ Our 2022 and 2023 scope includes Walmart markets that individually account for at least 5% of the Scope 3 emissions footprint and the GHG Protocol categories most relevant for a multi-category retailer: Category 1 (purchased goods and services), Category 2 (capital goods), Category 11 (estimated cumulative emissions from use of sold products over the lifetime of the product), and Category 12 (end of life treatment of sold products). Cumulatively, these four categories represent ~95% of Walmart’s global Scope 3 emissions. 

Building on the success of our Project Gigaton initiatives, we seek to reduce the emissions intensity of our product assortment (Scope 3 CO₂e per net sales dollar) through the following initiatives:

• Engaging suppliers through the continuation of Project Gigaton (see above), through which suppliers pursue efforts to decarbonize their supply chains
• Advocating for the adoption of policies intended to reduce emissions, expand availability of clean, renewable energy, and scale innovations (see Operational Emissions (GHG Protocol Scope 1 & 2, and Advocacy)
• Defining commodity sourcing expectations to help reduce/eliminate deforestation and land conversion (see Regeneration of Natural Resources and our Forest Policy)
• Supporting innovations in product design and packaging (see Waste: Circular Economy)
• Supporting industry supply chain innovation and traceability tools through Walmart and Walmart Foundation grants (see Regeneration of Natural Resources)
• Offering our customers an assortment of products and services that enable them to reduce energy usage and save money

We expect that our Scope 3 footprint will vary year-to-year and that demonstrated progress will lag actual changes because of measurement challenges. Recognizing improvements to our Scope 3 profile will depend on:

• Factors beyond our control, including changes in energy grids (e.g., emissions to produce electricity) in regions from where we source and where our customers live, availability of emissions data, agricultural production methods, transportation methods and technologies, waste handling infrastructure, customer purchasing decisions and use patterns, inflation or deflation, government policy, and supplier ability to make meaningful changes
• Composition of Walmart’s net sales (e.g., changes in product category mix, growth in net sales from strategic initiatives)
• Emissions measurement methodologies, which are subject to change. Changes in the reported Scope 3 emissions footprint may lag changes in Walmart’s actual value chain emissions because of measurement constraints. For example, the Scope 3 estimation relies largely on industry average emissions factors; estimates may improve as more suppliers provide reliable information about their production methods, item attributes, and/or emissions allocations for Walmart.
• Accounting measurement methodologies, which are subject to change. Changes to the GHG Protocol or other widely adopted accounting methodologies may also have a material effect on our reported footprint.

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Adaptation

Our climate strategy includes adapting our operations and sourcing to enhance resilience in the face of factors related to climate change, including warming, drought, and extreme weather events.

Disaster Risk Scanning

Walmart’s Global Emergency Management (GEM) team, staffed by Walmart associates with experience in law enforcement, meteorology, emergency management, and resilience planning, uses data to identify, assess, and manage events that could affect our operations, supply chain, or associates. For example: 

• We gather information from government authorities regarding emergency declarations at the federal, state, county, and city levels and make the information available to our business to evaluate whether action is necessary.  

• Using data from the National Hurricane Center and Weather Prediction Center, we assess risks from developing events—such as hurricanes and ice storms—several days in advance of impact so that we can build and implement plans for the areas we anticipate will be most impacted.  

• We use data from previous events to anticipate customer and community needs, help us determine where we may need to direct necessary supplies and personnel, prepare associates in the field with knowledge about available resources, and help inform plans to maintain or quickly restore operations if similar situations arise in the future. 

Read more: Disaster Preparedness & Response.

Energy-Efficient Operations

To control energy expenses―one of our top operating expenses―while mitigating emissions, we have prioritized incorporating energy efficiency into new store designs and upgrading older equipment where economically feasible with higher-efficiency technology. We also use technology to monitor and optimize energy use in our buildings.

Sourcing: Surety of Supply

Managing Day-to-Day Disruptions: Our merchants and sourcing teams use a variety of tools to manage volatility and surety of supply day-to-day. Our sourcing teams manage food commodity supply risks by building upstream capacity, diversifying our sourcing regions, and exploring new technology and innovation. For example, our merchants use predictive weather data to adjust product deployment and replenishment rates in the short term, as well as leverage historical data on sales performance and customer buying patterns to inform product assortment shifts over time. This helps ensure that as the climate changes, we continue to offer the right products for our customers at the right time.

Country of Origin Strategies: While most products we sell are sourced locally, we depend on globally-sourced products to complete our assortment. Walmart's sourcing team, leveraging our climate risk assessment and other tools, works with merchants to build a more resilient supply chain.

Transforming Product Supply Chains for Long-Term Sustainability: Because agricultural commodities can be especially susceptible to severe weather events and to climate change, Walmart has prioritized strategic initiatives to enhance commodity supply chain sustainability and resilience. Walmart’s efforts include setting sourcing requirements and product specifications for suppliers, engaging suppliers in measurement and best practice sharing, supporting industry collaboration, engaging our customers, public policy advocacy, and philanthropy (see our Regeneration of Natural Resources brief for more detail).

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Advocacy

Walmart’s Board-approved Statement on Climate Policy frames our advocacy approach to climate change. To accelerate emissions reductions while supporting business and economic growth, we advocate for a range of policies (e.g., clean-energy transportation innovation, technology-neutral approaches for hard-to-decarbonize sectors and industries).

For further discussion on our approach to advocacy, read Responsible Engagement in Public Policy and Key Trade Associations and Member Organizations.

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Reporting

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• While Walmart can play a substantial role in its own business, supply chain and beyond, achieving the Intergovernmental Panel on Climate Change (IPCC) goal of reducing global GHG emissions to net-zero by 2050 requires action from all parts of society. Walmart’s ability to reduce emissions is dependent on the collaboration, cooperation, and performance of third parties (including governments, civil society, and industry, as well as our own suppliers and customers).
• Factors beyond Walmart’s control impact our ability to achieve climate-related targets and aspirations, including changes to energy grids in every region where we operate or source; our physical presence in geographic areas without available necessary technology, equipment, or capabilities; and weather patterns.
• Achieving our targets and/or aspirations will require innovation and technology that is not available or economically viable, or fully scalable today, including the evolution, accessibility, and/or adoption of renewable energy, lower-GWP refrigeration systems, vehicles powered by renewable sources of energy, and regenerative agricultural technologies. A critical mass of potential consumers of new technologies is a necessary precondition to their development, deployment, and scaling.
• The capital and operating costs of implementing projects will remain a challenge for the foreseeable future (e.g., transitioning to low-GWP refrigerants, vehicles powered by renewable sources of energy). Low market prices and volatility of the price of fossil fuels can influence the cost/benefit analyses.
• Walmart’s business will continue to evolve and grow. This growth and changes in our strategies and/or model may require additional facilities, an expansion of our footprint, and/or inclusion of new sources of GHG emissions, which creates additional challenges for absolute emissions reduction targets.
• Several factors can make it challenging to estimate emissions, present a consistent view of progress over time, and/or achieve our targets, including: standards for target-setting and calculating GHG emissions are not settled and change from time to time (which may cause calculations to shift dramatically although no changes to underlying practices have taken place ―e.g., the recent introduction of forests, land, and agriculture and land use/removal standards); regulatory calculation and reporting standards may be introduced and may differ from commonly used voluntary standards; and emissions factors and industry averages used to calculate emissions may change and may lag, leading to updates and restatements.
• Public policies may not support actions aligned with Walmart's targets and aspirations, including by not encouraging the development and deployment of low-carbon or low-emissions technologies at scale and/or that negatively impact the supply or cost of renewable energy projects at scale.
• Uncertainties around mandatory climate-related disclosures and shifting stakeholder expectations towards greater action and commitment create tensions that are difficult to reconcile and may leave some stakeholders unsatisfied.

1. In 2020, we raised our aspiration to reduce emissions in our operations (Scopes 1 & 2) by realigning our science-based target to a 1.5o-C-aligned trajectory. Our goal is to achieve zero emissions across Walmart’s global operations by 2040, reducing absolute Scope 1 & 2 GHG emissions 35% by 2025 and 65% by 2030 from our 2015 base year (interim targets approved as science-based and classified as 1.5°C-aligned by the SBTi. We anticipate achieving our near- and mid-term emissions reduction targets later than our 2025 and 2030 target dates while working to achieve our 2040 zero emissions aspiration, as further discussed in this brief.

2. As used herein, “renewable sources of energy” means renewable sources of electricity and is not intended to cover other sources of energy.

3. Annual Scope 1 & 2 GHG emissions and carbon intensity metrics are updated from time to time in this Climate Change brief to account for changes in emission factors or the availability of more accurate activity data. Our emissions footprint in CO2e and carbon intensity per revenue are calculated to include emissions for our operations for the period which we owned the operations in the reporting year. This may result in updated emissions reported in this Climate Change brief not corresponding to results reported to CDP for our annual Climate Change questionnaire. We engage Lucideon CICS to independently verify Walmart’s reported Scope 1 & 2 emissions as reported to CDP annually, pursuant to ISO 14064-3 (the international standard for verification of Greenhouse Gas inventories). We follow Walmart’s Greenhouse Gas Inventory Methodology in calculating our greenhouse gas (GHG) emissions, which is consistent with the principles and guidance of the World Resources Institute and the World Business Council for Sustainable Development’s Greenhouse Gas Protocol Initiative (the “GHG Protocol”) for corporate GHG accounting and reporting. We also define Scope 1, 2, and 3 emissions as per GHG Protocol guidance.

4. To account for structural changes in our business, we strive to adjust our emission reduction progress on Scope 1 & 2 emissions to add or subtract emissions for entities acquired or divested in the year the acquisition or divestiture took place, including adjusting for previous years (including the baseline year).

5. This includes generation from active renewable and low-carbon projects. It considers the combined contribution of power generated from on-site and off-site projects as well as renewable energy generation feeding into the grids where our sites are located. The electricity procured from our renewable energy projects and the most recent grid fuel mix information obtained from the International Energy Agency for the regions where we operate. The CY2021 estimate does not include energy data for our Flipkart business. We believe excluding CY2021 Flipkart data will have a negligible impact on our estimate.

6. Calculated in accordance with Walmart’s Project Gigaton Accounting Methodology, available on the Walmart Sustainability Hub. This result includes emissions that may only be avoided, reduced, or sequestered after FY2024. In accordance with Walmart’s Project Gigaton Accounting Methodology, the emissions impact of projects and initiatives with an estimated lifespan of more than one year are accounted for in the year they are reported, up to and including anticipated emissions impacts in 2030.

7.  Because Walmart does not restrict suppliers to reporting only on emissions avoidance and reduction efforts that are attributable to the suppliers’ business with Walmart, actions taken and reported through Project Gigaton cannot be used to measure Walmart’s Scope 3 emissions, either absolutely or in year-over-year reductions.

8. Walmart fiscal years run from February 1 to January 31 and are denoted by “FY” in our reporting (e.g., FY2023 is the fiscal year ending January 31, 2023). Calendar years are noted in four-digit format or by “CY”.

9. The U.S. product net sales used for the calculation includes Walmart U.S. and Sam’s Club product net sales for the four preceding quarters prior to survey reporting window (Q3 through Q2). The percentage represents U.S. product net sales of suppliers that reported to Project Gigaton in the reporting year versus all U.S. product net sales. The calculation excludes Walmart International segment product net sales from the calculation. Reporting suppliers represents suppliers who have answered one or more of the questions in Project Gigaton in the reporting year.

10. Calculated in accordance with the RE100 technical criteria. RE100 defines renewable electricity consumption as the ability to make unique claims on the use of renewable electricity generation and its attributes.

11. For further information, visit the U.S. Department of Energy’s Alternative Fuels Data Center

12. Alongside our Project Gigaton 1 billion metric ton goal, in 2018, Walmart set a sub-goal to reduce emissions by 50 MMT in our China value chain. In February 2024, we announced that our suppliers have reported projects that are expected to exceed 1 billion metric tons of cumulative emissions reduced, avoided, or sequestered by 2030. We retired our China sub-goal upon achievement of our primary Project Gigaton goal to enable a refocus of effort and attention on our Scope 3 footprint and work plan going forward.

13. Sum of single year reported emissions may not add up to cumulative reported emissions due to rounding.

14. WWF and EDF review select suppliers' submissions.

15. We caution against comparing year-over-year Scope 3 footprints from 2017-2021, as the scope and methodology used to estimate those footprints has evolved. Scope 3 footprints beginning in 2022 allow for greater comparison, as the methodology is consistent and includes the same GHG Protocol categories (1, 2, 11, and 12).

16. For additional information on the complexity of Scope 3 measurement, accounting and reporting challenges, please see Retailers’ climate road map: Charting paths to decarbonized value chains

17. Estimated Scope 3 emissions for GHG Protocol Categories 1, 2, 11, and 12 include key markets and represents >90% of Walmart’s comprehensive Scope 3 footprint. Key markets include U.S., Mexico, India (Flipkart), Canada and China.

18. Changes in disclosure regulations, carbon accounting methodologies (e.g., GHG Protocol) and data availability may impact our footprint and progress towards our target. GHG Protocol Category 11 includes the total lifetime emissions from products sold in the reporting year, not just the emissions from their use in that year.

19. Scope 3 carbon intensity (reported Scope 3 MMT CO2e emissions per $B net sales for Walmart Inc.) calculation is based on calendar year emissions (January 1-December 31) and normalized by total annual net sales as measured by Walmart’s fiscal year (February 1-January 31).

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