(BRK.A), (BRK.B)
Berkshire Hathaway’s Shaw Industries Group, Inc., a leading global supplier of carpet, hardwood, tile, and other specialty products, signed a virtual power purchase agreement in Mid-February with BHE Renewables, a subsidiary of Berkshire Hathaway Energy. This landmark agreement reflects Shaw’s commitment to sustainability and its ongoing efforts to reduce its environmental footprint.
Under the terms of the agreement, Shaw will invest in renewable energy generated by BHE Renewables’ 200-megawatt Flat Top wind farm in Texas. The wind farm, operational since 2018, will provide Shaw with a sustainable energy source as it continues to supply residential and commercial markets worldwide.
Kellie Ballew, Shaw’s chief sustainability and innovation officer, emphasized the company’s dedication to combating climate change. “Shaw strives to be a positive force in the global effort to mitigate climate change,” Ballew stated. “That’s a fundamental component of our sustain[HUMAN]ability® strategy, which focuses on people and the planet. This latest endeavor builds upon our decades of work in this realm.”
Shaw’s investment in renewable energy aligns with its ambitious sustainability goals. The company aims to reduce its operational footprint by approximately 15 percent annually over the next 15 years, building on its significant achievements in reducing greenhouse gas emissions. Since 2010, Shaw has already decreased its Scope 1 and Scope 2 greenhouse gas emissions by more than 50 percent.
Moreover, this partnership with BHE Renewables marks a significant step toward Shaw’s objective of achieving net-zero operations (Scope 1 and 2) by 2030. Notably, Shaw’s commercial carpet operations worldwide have been carbon neutral since 2018, demonstrating the company’s proactive approach to sustainability.
Alicia Knapp, President and CEO of BHE Renewables, expressed pride in supporting Shaw’s sustainability vision. “We are proud to support Shaw and its vision to create a better future,” Knapp commented. “We share their commitment to people and the planet and look forward to delivering clean energy to help them achieve their sustainability goals.”
BHE Renewables owns more than 4,000 megawatts of solar, wind, geothermal and hydro projects nationwide, which produce clean energy for both the wholesale market and for customers under long-term power purchase agreements.
Through this collaboration, Shaw Industries, which has more than $7 billion in annual revenue and approximately 20,000 associates worldwide, reaffirms its position as an industry leader in sustainability, leveraging renewable energy to drive positive environmental change while continuing to deliver high-quality products to its customers worldwide.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.