Neiman Marcus Group has earned passing marks on its efforts to promote climate consciousness across its supply chain.
The retail firm, which owns Neiman Marcus and Bergdorf Goodman, last week announced that it has received a score of “B” on its first climate change disclosure to environmental non-profit CDP. The group operates a global environmental disclosure platform, along with a corporate renewable energy initiative dubbed RE100 in partnership with the Climate Group, which brings together companies committed to switching to 100-percent renewable electricity.
To achieve member status in RE100, Neiman Marcus revealed its environmental impact data in CDP’s climate change questionnaire. Disclosures included Scope 1, Scope 2 and Scope 3 emissions—which stem from owned operations, transportation, and supply chain—and the company’s performance over the past three years.
Neiman Marcus reduced its Scope 1 and Scope 2 emissions by 31 percent during 2021 compared to a 2019 baseline, the group said. The reduction puts the firm on track to reach its goal of slashing emissions across Scope 1 and Scope 2 by 50 percent by 2025.
The company said it’s proud to share its progress publicly. “While companies may choose to keep CDP scores private in a first-year disclosing, NMG announced the result as part of our commitment to transparency and accountability throughout our ESG journey,” Christina Demuth, senior vice president of people services, ESG, belonging and corporate philanthropy, said this week. “We’re pleased with our score, which reflects the strong progress we’ve made toward climate goals detailed in NMG’s 2021 ESG Report as we seek to revolutionize impact in the fashion industry.”
The group’s inaugural ESG report, released in March, outlined the social and environmental goals that Neiman Marcus aims to achieve by 2025. Those targets, and a strategy for reaching them, were formed after the company conducted a materiality assessment analyzing data from a variety of sources like ESG ratings and ranking, research reports, disclosures from industry peers, and reporting frameworks like Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB).
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Neiman Marcus senior director of ESG, belonging and corporate philanthropy Ali Mize called the CDP score “a meaningful recognition” of the company’s accomplishments during the first two years of its journey, “from incorporating climate into our enterprise risk management process to joining RE100 and committing to 100-percent renewable electricity.”
The score has also highlighted areas of continued focus for the firm as it moves forward. Next, Neiman Marcus will “begin to implement a supplier engagement strategy designed to help us reduce our Scope 3 emissions and evaluate participation in the Science Based Targets initiative (SBTi),” Mize said.
CDP partners with over 680 financial institutions with more than $130 trillion in assets. The group pioneered a strategy of using capital markets and corporate procurement to spur corporate environmental impact disclosures, ultimately pushing them to address the emissions, water waste and ecological disruptions caused by their supply chains. The 22-year-old organization saw almost 20,000 companies submit their data this past year.
“Urgent system-wide action remains critical to ensuring that we can limit global warming to 1.5 Celsius, avoid the worst effects of climate change, and safeguard our planet’s natural resources,” Dexter Gavin, CDP global director for corporations and supply chains, said.
Calling disclosure “the first key step in addressing current and future environmental risks,” Gavin said Neiman Marcus Group “demonstrated its commitment to transparency around its environmental impacts and strategies for action” by doing so this year. “Disclosure not only provides the foundation for environmental action, but brings tangible business benefits for stakeholders, customers, and employees alike.”