Retail giant Wal-Mart Stores Inc. (WMT - Free Report) is well on track to reach its goal of supplying 100% renewable energy and has made two commitments to further strengthen its leadership position in the process. The commitments require Walmart to increase the production of renewable energy to 7 billion kWh globally every year by Dec 2020, up 600% from 2010 levels. By 2020, Walmart will also reduce the intensity of energy required to power Walmart's buildings globally by 20% compared to 2010 levels.
The two new commitments are anticipated to generate more than $1 billion annually in energy savings once fully implemented, which will suffice to eliminate roughly two U.S. fossil fuel power plants.
Walmart is way ahead of other companies when it comes to the use of renewable power. Walmart has also installed over 200 solar plants and has set a goal of installing solar power systems on at least 1,000 rooftops and facilities by 2020. Walmart has plans to develop projects in wind, fuel cells and other technologies.
We believe that Walmart’s commitment to expand and accelerate its solar power initiative program will not only create jobs and protect the environment but will also reduce costs for local businesses by lowering electricity bills. We thus remain confident that Walmart will continue to grow its solar energy program in the U.S. and around the world.
Walmart holds a Zacks Rank #3 (Hold). Other stocks in the industry that are presently doing favorable business include Safeway Inc. , Kroger Co. (KR - Free Report) and Green Mountain Coffee Roasters, Inc. . While Green Mountain and Safeway hold a Zacks Rank #1 (Strong Buy), Kroger carries a Zacks Rank #2 (Buy).