While COVID-19 is rampaging across the globe, corporations’ clean energy ambition is rising, with more global companies signing up to turn their entire electricity usage green. Among the latest to do so is PepsiCo, the firm committed to sourcing 100 percent renewable energy across all its company-owned and -controlled operations globally by 2030 and across its entire franchise and third-party operators by 2040.
PepsiCo’s transition to clean-sourced energy is estimated to reduce about 2.5 million metric tons of greenhouse gas emissions by 2040, which is equal to taking more than half a million cars off the road for a year. To complete this mission, the company will resort to multiple solutions, including power purchase agreements and virtual power purchase agreements that will sustain development of solar and wind projects around the world, as well as the acquisition of renewable energy certificates. Furthermore, its existing list of facilities with on-site wind and solar projects will continue to grow. In addition to the Frito-Lay facilities in Modesto, Calif., and Casa Grande, Ariz., and PepsiCo beverage facilities in Fresno, Calif., and Tolleson, Ariz., earlier this year, the global headquarters in Purchase, N.Y., was equipped with rooftop solar photovoltaic panels.
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Currently, PepsiCo procures renewable electricity in 18 countries and of these, nine meet 100 percent of their electricity demand from renewable sources. In the U.S., the company expects to source 56 percent of its electricity through renewable sources by the end of the year.
This announcement also marks PepsiCo’s affiliation with RE100, the initiative led by the Climate Group in partnership with Carbon Disclosure Project that works to gather businesses worldwide in the commitment for 100 percent renewable power. Moreover, PepsiCo joined the Business Ambition for 1.5°C pledge, a campaign initiated by the United Nations Global Compact, the Science Based Targets initiative and the We Mean Business coalition, which brings together companies committed to meet the goals of the Paris Agreement—by setting science-based emission reduction targets in line with limiting global warming to 1.5 Celsius degrees—while developing a strategy for achieving net-zero emissions by 2050.
Currently, there are 991 companies that are taking science-based climate action and 472 companies have approved science-based targets. Among them are Oersted, Vestas wind Systems, Yamaha Corp., Volvo Car Group, Verizon, Nestle, Mastercard, McDonald’s Corp., Mercedes-Benz AG, Microsoft Corp., Moody’s Corp., Hilton, Hewlett Packard Enterprise, IKEA, BMW Group, Boston Properties, Cisco Systems and ENGIE.