Target Corporation

General Merchandise Stores

TGT

$ 111 0.92

Share price

$ 51 bn

Market Cap

$ 68 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

0.75x the weighted average for S&P 500

FY2021

Primary Climate Goal

Proj. YOY change in GHG emissions (Scope 1 + 2)

Weaker than the -8% weighted average for S&P 500

FY2022

Target Corporation aims to reduce Scope 1 + 2 by 50% by 2030 from a base year 2017

2°C

Secondary Climate Goal

Proj. YOY change in GHG emissions (all Scopes)

Weaker than the -6.5% weighted average for S&P 500

FY2022

Target Corporation aims to achieve net zero for all Scopes by 2040

This target has not been verified as science based according to SBTi

GHG emissions and Carbon intensity

Target Corporation reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2021 at 1,747 Kt (-137 /-7.3% y-o-y). Also positively, carbon intensity decreased to 17 t (-3.6 /-17.9% y-o-y).

Target Corporation's Scope 3 emissions surged to 60,664 Kt (+4,019/+7.1% y-o-y). The growth accelerated relative to the long-term trend (+3.6% CAGR) observed since 4Q'18.

The company is committed to reducing Scope 1 + 2 by 50% by 2030 from a base year 2017, which translates into the estimated reduction of -51 Kt per annum over the period of FY2022 - FY2030. This science-based target is aligned with Paris Agreement to limit global warming to 2°C above pre-industrial levels.

Also, the company commits to achieving net zero for all Scopes by 2040, which translates into the estimated reduction of -3,285 Kt per annum over the period of FY2022 - FY2040. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2021Q4	1,747	735	1,012	60,664	106,005	17
2020Q4	1,883	700	1,184	56,645	93,561	20
2019Q4	2,298	753	1,546	55,789	78,112	29
2018Q4	2,538	755	1,783	52,720	75,356	34
2017Q4	2,568	706	1,862	52,857	72,714	35