Schneider Electric, and PepsiCo has announces pep+ REnew – a collaborations 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, it said in a statement.
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.”
This program was launched to help overcome the challenges many small and medium businesses face when trying to participate in the renewable electricity market.
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.”
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.