NEW YORK, 4 November 2024 – Peloton (NASDAQ: PTON), the world’s best interactive fitness equipment, recently released its fourth annual Environmental, Social, and Governance report, showcasing major progress and achievements in sustainability and social impact programs during the company’s FY 2024. This report demonstrates its commitment to change for carbon emissions, renewable energy, and circularity and corporate equality.
At Peloton, we are transforming the way hundreds of millions engage with fitness and wellbeing and are committed to making physical fitness and mental health more accessible to all,” said Karen Boone, interim CEO and president of Peloton. “By investing in the wellbeing, growth, and development of our global team members and advancing our efforts in environmental sustainability, we are taking action towards creating lasting impact.”
In the same vein, Boone went ahead to say that Peloton remains focused on innovation and accountability, saying, “Our latest ESG report highlights our progress toward our goals while continuing to innovate and deliver the best fitness experiences to our Members. As we strive for a more equitable, healthy, and sustainable future, we are committed to accountability and transparency at every step of this journey.”
Key Highlights from Peloton’s FY 2024 ESG Report
FY 2024 ESG Report: This report provides information on the various goals and accomplishments Peloton has achieved to become a sustainable and socially responsible company. The below are some of the achievements that Peloton has recorded as indicated in the report:
1. Reduction Targets of Carbon Emissions
One of the main environmental objectives of Peloton is to minimize its carbon footprint in relation to climate goals defined at the global level. In the meanwhile, the company plans to submit its emission reductions to the Science Based Targets initiative by the end of 2025. In return, these targets will form one of the cornerstones on which the strategy of reducing its carbon footprint and head-on clashes with climate change for Peloton.
This is the critical stride that will set Peloton on the road toward becoming a more sustainable company. SBTi would approve such targets by Peloton so that the business will comply with the international agreements on climate change and cement its sustainability leadership further.
2. Renewable Energy Source
Another achievement of Peloton toward environmental sustainability is the success of its efforts to source renewable energy for its global operations. By the end of FY 2024, the company had purchased renewable energy certificates (RECs) to cover approximately 80% of its total energy consumption in its global operations.
In terms of forward guidance, by FY 2026, Peloton is looking to source 100 percent of its energy from renewables. It is, therefore, marking its long-term move toward clean energy rather than depending on fossil-fuel products and thus on the general diminution of pollution.
3. Circularity and Product Sustainability
To achieve circularity, Peloton has been enhancing programs that prolong the life of its exercise equipment for as long as possible. Its refurbished and rental programs have helped extend the life cycle of Peloton connected fitness products and reduced e-waste.
Peloton also conducted its first-ever product carbon footprint assessment for the Peloton Bike in FY 2024. This is an important step in the company’s sustainability journey, providing it with data that will be used to inform future reductions in the environmental impact of its products. The emphasis on circularity is part of a wider strategy to bring sustainability into the design, manufacturing, and end-of-life of its products.
4. Social Impact Programs
Peloton is still making a difference in the communities it operates in through its social responsibility initiatives. The company’s Wellbeing for Life community engagement program has reached about 199,000 people across the US, UK, Canada, Germany, and Australia over the past year.
To celebrate three years of these social impact partnerships, Peloton’s Wellbeing for Life program promotes fitness and wellness in underserved communities, ensuring that all get to enjoy the fruits of fitness and wellness.
5. Corporate Equality and Inclusion
Peloton also received a perfect score on the Human Rights Campaign’s Corporate Equality Index, recognizing the company’s leadership in DEI. This ranks the company among the most inclusive employers in the world as it shows commitment to creating a diverse and supportive work environment for all.
6. Adaptive Fitness Programs
Peloton wants everyone to exercise, and that means people with disabilities, too. In December 2023, Peloton, through the support of Paralympian Tom Miazga, launched the Seated Adaptive Transfer Program. In this new program, Peloton provides strength and meditation classes for seated athletes as an example of how much they care about being inclusive.
This program launch represents an important step in an effort to make fitness accessible for all abilities, and furthering Peloton’s mission of breaking down barriers to fitness and wellbeing.
Commitment to Accountability and Transparency
Moving forward, Peloton will remain committed to its transparency and accountability in overseeing the journey toward achieving its environmental and social goals. This year’s ESG report is a testament to all the steps the company has taken on its sustainability journey, and it will look to continue the efforts towards leading the fitness industry in a future that is equitable, healthy, and sustainable.
Karen Boone concluded by saying that “As we strive to a more equal, healthful, and sustainable future, we hold ourselves committed to accountability and transparency to every step along the road.”
Peloton’s FY 2024 ESG report reflects this pursuit of long-term sustainability and positive social change in operation as the company continues to assert its position at the frontline of environmental and social impacts, creating massive contributions within the fitness industry and generally worldwide.