US food and beverage heavyweight PepsiCo has announced two targets on how the company will source electricity.

The Lay’s and Quaker Oats owner wants to source 100% renewable electricity across all of its company-owned and controlled operations globally by 2030 and across its entire franchise and third-party operations by 2040. 

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PepsiCo suggested the move has the potential to reduce approximately 2.5 million metric tons of greenhouse gas (GHG) emissions by 2040, the equivalent of taking more than half a million cars off the road for a full year.

Jim Andrew, the company’s chief sustainability officer, said: “With the devastating effects of climate change being felt around the world, and the global food system under significant strain, accelerated action is needed.

“We know the responsibility that comes with our size and scale, so transitioning PepsiCo’s global business operations to 100% renewable electricity is the right step forward to deliver meaningful impact as we continue to advance our sustainability agenda.”

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PepsiCo procures renewable electricity in 18 countries, nine of which already meet 100% of its electricity demand from renewable sources. The company said with the shift to renewable electricity in the US underway this year, it is on track to source 56% of its electricity through renewable sources globally by the end of 2020.

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To achieve 100% renewable electricity globally, PepsiCo said it will employ a diversified portfolio of solutions, including Power Purchase Agreements (PPAs) that will support the development of new projects such as solar and wind farms around the world, as well as through purchased energy certificates that will enable the near-term transition to renewable sources in many geographies. The company will also continue to expand its growing list of onsite wind and solar projects at its facilities around the world.