Introducing pep+ REnew, the first value chain partner initiative of its kind in the food and beverage industry
PURCHASE, N.Y., March 30, 2022 /PRNewswire/ -- Together with Schneider Electric, the leading global consultant on corporate renewable purchasing, PepsiCo announces pep+ REnew – one of the first collaborations of its kind, and first in the food and beverage industry – to increase value chain partner access to renewable electricity as part of the company's goal to achieve net-zero emissions by 2040.
The collaboration aims to accelerate the adoption of renewable electricity and create a more resilient and carbon-efficient food system as part of PepsiCo's pep+ (PepsiCo Positive) transformation. Specifically, pep+ REnew is designed with two goals: to educate PepsiCo's value chain partners about their renewable electricity choices, and to quicken the transition to renewable electricity through aggregate power purchase agreements (PPAs) and other renewable electricity procurement options.
"The creation of pep+ REnew directly supports our ambitious goal to achieve net-zero emissions across our value chain by 2040 – one decade earlier than called for in the Paris Agreement," said Jim Andrew, Chief Sustainability Officer, PepsiCo. "Net-zero cannot happen without our value chain partners taking bold climate action. Through pep+ REnew, we will encourage our partners to reduce their Scope 2 emissions through renewable electricity procurement, helping us meet our own Scope 3 goals."1
This program was launched to help overcome the challenges many small and medium businesses face when trying to participate in the renewable electricity market. Some organizations may not be large enough to participate on their own and may need education on the specific mechanics of renewable electricity transactions or guidance to navigate through the complexities of a PPA. PepsiCo and Schneider Electric aim to solve for these barriers through pep+ REnew.
For the first pep+ REnew cohort, PepsiCo is inviting a broad array of value chain partners to apply to participate in the program, with the goal to finalize a first buyer's cohort for an aggregate PPA by the end of 2022.
"By creating greater access to large-scale renewable electricity, our partnership with PepsiCo aspires to add more renewable electricity capacity to power grids around the world," said Steve Wilhite, President, Schneider Electric Sustainability Business. "This is a much-needed step as we work towards a net-zero economy and a more sustainable future for all."
Schneider Electric has advised companies, including PepsiCo, on over 150 utility-scale PPA purchases across North America, Europe, India, Australia and Latin America for a total of more than 11,000 megawatts of wind and solar power. Schneider Electric's team of leading renewable electricity experts will facilitate a multi-phase education and project selection process to advance supplier progress towards aggregated renewable electricity purchases. The program will be powered by Schneider's NEO Network™, a global collaboration platform and community designed to accelerate renewable electricity decision-making and decarbonization.
pep+ is the company's strategic end-to-end transformation with sustainability and human capital at the center of how it will create growth and value by operating within planetary boundaries and inspiring positive change for the planet and people. Fifteen of the company's markets have already transitioned to renewable electricity – including the US and Mexico, the company's first and second largest markets – progress toward its goal of 100% renewable electricity in its direct operations by 2030.
PepsiCo partners can find more information about pep+ REnew here and learn about the company's available climate resources at its Sustainability Action Center.
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $79 billion in net revenue in 2021, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with PepsiCo Positive (pep+). pep+ is our strategic end-to-end transformation that puts sustainability at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com.
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PepsiCo Cautionary Statement
This release contains statements reflecting our views about our future performance that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim," "anticipate," "believe," "drive," "estimate," "expect," "goal," "intend," "may," "plan," "project," "strategy," "target" and "will" or similar statements or variations of such terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements, including the impact of COVID-19; future demand for PepsiCo's products; damage to PepsiCo's reputation or brand image; product recalls or others issues or concerns with respect to product quality and safety; PepsiCo's ability to compete effectively; water scarcity; changes in the retail landscape or in sales to any key customer; disruption of PepsiCo's manufacturing operations or supply chain, including increased commodity, packaging, transportation, labor and other input costs; political or social conditions in the markets where PepsiCo's products are made, manufactured, distributed or sold; future cyber incidents and other disruptions; climate change or measures to address climate change; imposition or proposed imposition of new or increased taxes aimed at PepsiCo's products; imposition of limitations on the marketing or sale of PepsiCo's products; changes in laws and regulations related to the use or disposal of plastics or other packaging materials; failure to comply with applicable laws and regulations; and potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations.. For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
1 Scope 2 refers to emissions generated from the energy purchased for direct operations, such as any non-renewable electricity purchased from a utility company; Scope 3 refers to emissions generated by suppliers and value chain partners.
SOURCE PepsiCo, Inc.