(RTTNews) - Food and beverage major PepsiCo Inc. (PEP) announced Monday a new target to source 100% renewable electricity across all of its company owned and controlled operations globally by 2030 and across its entire franchise and third-party operations by 2040.
With this announcement, PepsiCo joins RE100, an initiative led by the Climate Group in partnership with CDP, to bring together the world's most influential companies committed to 100% renewable electricity.
To achieve 100% renewable electricity globally, PepsiCo will employ a diversified portfolio of solutions, including Power Purchase Agreements (PPAs) that will support the development of new projects such as solar and wind farms around the world, as well as through purchased energy certificates. PepsiCo's global headquarters in New York installed rooftop solar energy panels earlier this year.
With PepsiCo's scale, the transition has the potential to reduce approximately 2.5 million metric tons of greenhouse gas (GHG) emissions by 2040, the equivalent of taking more than half a million cars off the road for a full year.
PepsiCo currently procures renewable electricity in 18 countries, nine of which already meet 100% of their electricity demand from renewable sources. With the shift to renewable electricity in the U.S. underway this year, PepsiCo is currently on track to source 56% of its electricity through renewable sources globally by the end of 2020.