STRATEGY

Project Gigaton

Walmart may not be the first corporation that comes to mind when you think of “green companies,” but maybe it should be. Back in 2017, before the SEC climate rule was even a twinkle in Gary Gensler’s eye, Walmart launched Project Gigaton, an ambitious project to eliminate one gigaton of greenhouse gas emissions from its supply chain by 2030. (For reference, that’s 1 billion metric tons—close to the amount Japan releases in one year as of 2021.)

During an earnings call in February, Walmart announced that Project Gigaton had met its goal—six years early. More than 5,900 suppliers, responsible for around 75% of Walmart’s sales, have participated.

Walmart partnered with organizations including the Environmental Defense Fund (EDF), a nonprofit advocacy group, to get Project Gigaton up and running. Fred Krupp, president of the EDF, spoke with CFO Brew about how Walmart was able to achieve the success that it did—and what other companies can learn from it.

Why Walmart? The EDF first approached Walmart about reducing its emissions “about 20 years ago,” Krupp said, “in recognition of how powerful they could be as a leader for change.” At that time, “there hadn’t been so much attention” paid to the business case for ESG, he said, noting, “We saw it as a way to have this highly respected business leader make the point that things that are good for business could also be good for the environment.”

Keep reading.—CV

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CFOVILLE

Heli-cool

Outside the Grind is our occasional feature that spotlights the unique passion projects, side hustles, and hobbies of finance professionals outside of the office. Let us know if you know, or you are, a CFO or finance pro with an interesting, weird, or unusual side gig.

Benjamin Gammell, CFO of San Francisco-based spend platform Brex, took his passion for skiing to new heights when he started heli-skiing.

For the uninitiated (or “sane,” some may say), heli-skiing is nearly the same as snowboarding or skiing, with one high-flying exception: Participants hit the slopes not by ski lift, but by helicopter.

CFO Brew recently spoke to Gammell about his love of snowboarding and heli-skiing, and how it forces him to live in the moment.

This interview has been lightly edited for length and clarity.

How did you become interested in heli-skiing?

There’s a group of Australians that go every year that are probably more my dad’s generation and maybe a couple of decades younger—probably in their 40s—who go once a year. There just happened to be a spot that opened up on that trip, and they were looking for someone to come along. I sort of put my hand up as someone who wants to do so and have been hooked ever since.

Keep reading.—AZ

COMPLIANCE

Regulatory ramp-up

The big three could be in for some big trouble abroad.

Apple, Meta, and Alphabet are all under investigation by the European Union, adding to a growing cluster of regulatory hurdles for the tech giants.

The investigations mark the first probes under the EU’s new Digital Markets Act, a law that took effect earlier this March with the aim of encouraging competition from smaller tech companies.

If the tech giants are found to be in violation of the new rules, they could be fined up to 10% of their global revenue, with the potential of fines up to 20% for “repeated infringements,” per the EU. The probes were set in motion after the EU deemed solutions proposed by Apple, Meta, and Alphabet insufficient.

Keep reading.—NP

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