In a bid to increase access to renewable energy for its value chain partners, PepsiCo has partnered with Schneider Electric to create pep+ REnew.
PepsiCo said the goal of the program is to educate its value chain partners about renewable energy choices and then speed up the transition to renewables through power purchase agreements (PPAs) and other procurement options.
PepsiCo chief sustainability officer Jim Andrew said pep+ REnew was part of the company’s goal to achieve net-zero emissions across the value chain by 2040.
“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,” Andrew said.
The program was designed to help small and medium businesses with the challenges many face when trying to participate in the renewable electricity market. Some organisations 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.
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.
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 finalise a first buyer’s cohort for an aggregate PPA by the end of 2022.
Schneider Electric Sustainability Business president Steve Wilhite said it will facilitate a “multi-phase education and project selection process” to help suppliers move to an aggregated renewable electricity purchase.
“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. This is a much-needed step as we work towards a net-zero economy and a more sustainable future for all,” Wilhite said.
The program will be powered by Schneider’s NEO Network, a global collaboration platform and community designed to accelerate renewable electricity decision-making and decarbonisation.
pep+ is PepsiCo'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.
