CVS Makes Progress on Its Renewable Energy Mission

Investments with Constellation will reduce company's carbon footprint by nearly 114,000 metric tons annually

1/25/2024

CVS Health has embarked on two new renewable energy projects with Constellation.

CVS Health has revealed two agreements that total 264,000 megawatt-hours with Constellation to purchase zero-emission, renewable energy equivalent to the annual electricity use of nearly 1,000 CVS Health locations in California; Washington, D.C.; Delaware; Maryland; and New Jersey.

"Investing in our planet and people's health are interconnected," said Sheryl Burke, chief sustainability officer and SVP of corporate social responsibility at CVS Health. "As our world continues to evolve, these sustainability investments we're making right now are increasingly important to create a healthier future for the communities we serve."

CVS Health will purchase energy and renewable energy certificates (RECs) through two separate long-term agreements with Constellation. These deals are made possible by Constellation's long-term agreements with solar projects located in California and Maryland. CVS Health will receive approximately 264,000 megawatt- hours of energy per year through its retail agreement with Constellation, with that energy matched by Green-e Energy Certified RECs sourced from other renewable facilities throughout the United States.

"CVS Health continues to be a leader in supporting newly constructed renewable resources and steadfast in its journey towards embracing sustainable energy," said Jim McHugh, chief commercial officer at Baltimore-based Constellation. "We are thrilled to work with CVS Health once again and provide solutions towards a carbon-free future."

CVS Health has now made five renewable energy investments since 2022. These two new investments with Constellation, the company's two agreements revealed in 2023 and the first investment made in 2022 represent more than 500,000 megawatt-hours of clean, renewable energy. This is a significant share of the 2.2 million megawatt-hours of energy that CVS Health used in 2022. They are important milestones as CVS Health continues to work toward sourcing 50% renewable energy by 2040.

To make a meaningful impact against climate change, the company is focused on reducing the carbon footprint of its direct operations and supply chain by increasing energy efficiency, implementing water-saving programs, eliminating waste and reducing fuel usage.

With its CVS Pharmacy subsidiary operating approximately 9,000 locations nationwide, Woonsocket, R.I.-based CVS Health is No. 7 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America.