Introducing pep+ REnew, the first of its kind value chain partnership initiative in the food industry
BUY, NY, March 30, 2022 /PRNewswire/ — Together with Schneider Electric, the world’s leading consultant on renewable energy procurement for businesses, PepsiCo announces peps+ REnew – one of the first collaborations of its kind, and the first in the food and beverage industry – to increase value chain partners’ access to renewable electricity as part of the goal of company to achieve net zero emissions by 2040.
This collaboration aims to accelerate the adoption of renewable electricity and create a more resilient, 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 on their renewable electricity choices and to accelerate the transition to renewable electricity through power purchase agreements ( PPA) and other renewable electricity supply options.
“The creation of pep+ REnew directly supports our ambitious goal of achieving net zero emissions in our value chain by 2040 – a decade ahead of the Paris Agreement,” said Jim Andre, 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 supply, which will help us meet our own scope 3 targets.”1
This program was launched to help overcome the challenges that many small and medium-sized 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 training on the specific mechanics of renewable electricity transactions or guidance in navigating the complexities of a PPA. PepsiCo and Schneider Electric aim to solve these obstacles with pep+ REnew.
For the first pep+ REnew cohort, PepsiCo invites a wide range of value chain partners to apply to participate in the program, with the goal of finalizing a first cohort of buyers for a global 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 more than 150 large-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 energy. Schneider Electric’s team of renewable electricity experts will facilitate a multi-phase training and project selection process to advance suppliers’ 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 decision-making and the decarbonization of renewable electricity.
pep+ is the end-to-end strategic transformation of the business 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 switched to renewable electricity, including the United States and Mexicothe company’s first and second largest markets – progress towards its goal of 100% renewable electricity in its direct operations by 2030.
PepsiCo partners can find more information about pep+ REnew here and learn more about the company’s available climate resources in its Sustainability Action Center.
PepsiCo products are enjoyed by consumers more than a billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $79 billion net revenue in 2021, driven by a complementary beverage and convenience food 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 each generate over $1 billion in estimated annual retail sales.
Leading PepsiCo is our vision to be the global leader in convenient food and beverage by winning with PepsiCo Positive (pep+). pep+ is our end-to-end strategic 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 the planet and people. For more information visit www.pepsico.com.
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Caution from PepsiCo
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1 Scope 2 refers to emissions generated by 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.