(Credit: Pixabay)PepsiCo has announced the launch of pep+ REnew to increase value chain partner access to renewable electricity as part of the company’s goal to achieve net-zero emissions by 2040. For this, PepsiCo partnered with Schneider Electric in one of the first collaborations of its kind, and first in the food and beverage industry, according to the companies.
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.
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.
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, according to PepsiCo. 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.
