Gap Inc. Unveils 2023 ESG Report: Advancements in Sustainability and Inclusion

Gap Inc. (NYSE: GPS) has unveiled its 2023 Environmental, Social, and Governance (ESG) Report, commemorating two decades of sustainability reporting and nearly thirty years of dedicated sustainability initiatives. This report delineates the company’s strides in the fiscal year 2023 towards fostering a more sustainable, resilient, and inclusive business environment, encompassing its renowned brands such as Old Navy, Gap, Banana Republic, and Athleta. It elucidates the strategies employed by the company to expedite positive environmental and social impacts while underscoring its approach to diversity, equity, and inclusion, alongside showcasing advancements towards its stated commitments.

Gap Inc. CEO, Richard Dickson, introduced the report, reflecting on the company’s enduring legacy of bridging societal gaps since its inception in 1969. He emphasized the company’s ongoing commitment to fostering a world where purpose and profit synergize to enhance the well-being of both people and the planet.

The past year saw Gap Inc. earn accolades for its responsible corporate practices, including being ranked first in retail on Newsweek’s list of “America’s Most Responsible Companies” and securing a position in the S&P Global Dow Jones Sustainability Index for the eleventh consecutive year.

FY2023 witnessed Gap Inc. and its partners launching three significant initiatives aimed at fostering positive change. These include the Women + Water Collaborative, the Global Water Innovation Centre for Action, and RISE, all geared towards improving water access, catalyzing water stewardship innovations, and accelerating gender equity across the apparel supply chain.

Key highlights from the report include empowering over 2.5 million individuals in the apparel industry to enhance their access to clean water and sanitation since 2017, and the participation of over 19,600 youths in Old Navy’s This Way ONward program, which nurtures future leaders, particularly from underrepresented backgrounds.

Furthermore, Gap Inc. demonstrated its commitment to sustainable sourcing, with 98% of cotton sourced from sustainable origins and 100% for Gap brand and Athleta. Additionally, renewable energy sources accounted for 58% of electricity used in company-operated facilities as of 2022.

The report also details the launch of initiatives such as the Inclusive Leadership Coaching Series and Inclusive Hiring Training, aimed at fostering allyship, belonging, and mitigating biases in recruitment processes.

For comprehensive insights into Gap Inc.’s endeavors towards social and environmental responsibility, the full ESG Report is accessible online. The report, covering operations for FY2023, aligns with various ESG standards, including the Global Reporting Initiative (GRI) Standards, Sustainable Accounting Standards Board (SASB) Standards, and Task Force on Climate-Related Financial Disclosures (TCFD). Moreover, Gap Inc. remains steadfast in its commitment to the United Nations’ Sustainable Development Goals (SDGs) and Global Compact (UNGC) Ten Principles, with the report serving as a testament to its ongoing progress.

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