Best Buy Co.
At a Glance
Industry
Retail and Apparel
Project Types
Financial Evaluation and Planning, Zero Emission Vehicles, Freight and Logistics
Year
2023
Location
Richfield, MN
Summary
Justin analyzed the implications of zero-emission policies and presented recommendations to various stakeholders that will help Best Buy achieve environmental, financial, and social objectives.
Goals
Best Buy aims to reduce 75% carbon emissions by 2030 and reach carbon neutrality by 2040. Fleet electrification is part of Best Buy’s greater Circular Economy (Energy) sustainability plan. Transitioning to emission-free vehicles allows Best Buy to remain an industry leader in renewable energy technology while optimizing their operations and effectively managing costs.
Solutions
Justin focused on the financial impact of emerging regulations as well as EV infrastructure incentives that could serve to reduce the investment costs required for fleet electrification. This included an analysis of how Best Buy’s fleet and warehouse operation are impacted by California’s ZEV legislation and provided recommendations that will allow the company to stay compliant and foster decision-making to minimize transition risks. In addition, he developed and presented a ten-year fleet electrification strategy to invest $63M for 1,000 EVs.
Potential Impact
In Justin’s final analysis and presentation, he outlined the operational and financial implications of the California warehouse mandate and established strategies that could save ~$4.5M by 2036 from avoided mitigation fees.