PepsiCo Pledges to Achieve Net-Zero Carbon Emissions by 2040.

PepsiCo Inc. has pledged to achieve carbon neutrality by 2040, adding to the growing list of major companies including Amazon.com Inc. that aim to reach net-zero greenhouse gas emissions a decade ahead of scientists’ guidance.

The maker of Mountain Dew, Quaker Oats and Tropicana juice said the goals include curbing absolute emissions across its direct operations by 75% and its so-called Scope 3 emissions -- those generated in the supply chain or by customers using the products -- by 40% from 2015 levels by the end of this decade. Currently, Scope 3 emissions account for about 91% of PepsiCo’s carbon footprint, according to Jim Andrew, chief sustainability officer.

“We didn’t back away from Scope 3. We were really leaning into Scope 3, because that’s what we’ve got to do if we’re going to change the trajectory that the planet is on,” Andrew said in an interview.

More companies than ever are setting up aggressive goals to cut carbon emissions amid rising global temperatures and their disastrous effects. About 1,400 businesses have set or pledged to set net-zero emission goals under the Race to Zero initiative convened by the United Nations, while the incoming Biden administration has vowed to put the U.S. on a path to 100% clean energy by no later than 2050, the target date scientists say is necessary to prevent dangerous warming.

PepsiCo’s climate goals were approved by the Science Based Targets initiative, a collaboration of leading nonprofits that helps companies ensure their strategies match scientific need. The company has also signed on to the Business Ambition for 1.5°C pledge.

The emission reduction plan also includes an expansion of the company’s network of “Demonstration Farms,” which provide local farmers with sustainable tools and practices. It’s targeting a reduction in virgin plastic use and more recycled content in packaging as well.

PepsiCo already announced plans to use renewable electricity across all company owned businesses by 2030 and across all third-party operations a decade later. Last year, it bought only renewable electricity in the U.S. and expects to do the same in Mexico and Australia this year.

14 January 2021

Bloomberg Green