PepsiCo announced today that it has committed to new sustainability targets, aiming 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. The food and beverage giant has also joined 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.

Jim Andrew, Chief Sustainability Officer, PepsiCo, said:

“With the devastating effects of climate change being felt around the world, and the global food system under significant strain, accelerated action is needed. We know the responsibility that comes with our size and scale, so transitioning PepsiCo’s global business operations to 100% renewable electricity is the right step forward to deliver meaningful impact as we continue to advance our sustainability agenda.”

According to PepsiCo, the company currently procures renewable electricity in 18 countries, nine of which already meet 100% of their electricity demand from renewable sources, and is on track to source 56% of its electricity through renewable sources globally by the end of 2020. Earlier this year, the company announced it would initiate efforts to increase its use of renewable energy sources globally, and transition to renewable electricity in the U.S. With today’s initiative, the company 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 aims to achieve its renewable energy goals through a variety of solutions, including Power Purchase Agreements (PPAs) supporting the development of new projects such as solar and wind farms around the world, purchased energy certificates enabling the near-term transition to renewable sources in many geographies, and continuing to expand its growing list of onsite wind and solar projects at its facilities around the world.

Sam Kimmins, Head of RE100 at the Climate Group, said:

“By transforming their global business operations to renewable electricity, PepsiCo is demonstrating a strong commitment to combat climate change, whilst underlining the business case for renewables. By investing in development of new solar and wind farms around the world to meet their target, PepsiCo is making a really tangible contribution to accelerating the clean energy transition.”