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HP Adopts Corporate Knights Sustainable Economy Taxonomy

May 31, 2023 by Joe Panettieri

PC and printer maker HP Inc. has adopted the Corporate Knights Sustainable Economy Taxonomy, CEO Enrique Lores (pictured, top of page) told Wall Street analysts during the company's earnings call on May 30, 2023. The move aligns with the HP Amplify Impact program -- which seeks to empower partners with sustainability knowledge and associated business strategies.

The Corporate Knights Sustainable Economy Taxonomy "is a well-established industry benchmark to measure what's called sustainable revenue," Lores said during the earnings call. "This measure allows us to quantify revenue generated from products and services that meet leading environmental standards and reduce our environmental impact."

Using the Corporate Knights methodology, sustainable revenue represented more than 60% of HP's total revenue in fiscal year 2022, Lores said. Next up, the company in June 2023 will release its annual Sustainable Impact Report -- which tracks HP's progress toward climate action, human rights and digital equity goals, he added.

HP Amplify Impact Partner Program Emphasizes Sustainability

HP's sustainability efforts also extend to the company's partner ecosystem. Indeed, the HP Amplify Impact program -- unveiled in March 2023 -- allows partners to align with HP's Sustainable Impact strategy. Partners that join Amplify Impact will "tap into HP’s extensive knowledge, training and resources to assess and improve their own sustainability performance while optimizing sustainability-driven sales opportunities."

HP is seeking to enroll at least 50% of its HP Amplify partners into the voluntary program by 2025, the company said in early 2023.

Meanwhile, HP and the broader PC market continue to suffer from a COVID-19 hangover. Indeed, PC and notebook computer sales have plummeted compared to booming demand during the pandemic. The latest evidence: HP's net revenue was $12.9 billion in Q2 of fiscal 2023, down 21.7% from the corresponding quarter last year. Still, net earnings rose a bit to $1.07 billion -- up from $1.00 billion in the corresponding quarter last year thanks to "disciplined execution and strong innovation in a tough macro environment," Lores said.

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