PepsiCo Debuts New Climate Plan With 2030 Goal
It's not surprising that PepsiCo, which has been the second largest food and beverage company in the world by sales for five years running, isn't known for its environmental record given the nature of its business.
PepsiCo is perennially near the top of the list of the world's worst plastic polluters alongside Coca-Cola and Nestlé, according to Break Free From Plastic, which is a movement with 1,500 member organizations working towards eliminating plastic pollution.
"Our 2020 Top Global Polluters remain remarkably consistent with our previous brand audit reports, demonstrating that the same corporations are continuing to pollute the most places with the most single-use plastic," the organization's 2020 report said.
PepsiCo didn't waste long to reveal how intends to tackle this issue as the company revealed an accelerated climate plan yesterday that it hopes will get it off of the top plastic polluters list.
Under its new plan, PepsiCo is now targeting a more than 40% reduction of absolute greenhouse gas emissions across its value chain by 2030. PepsiCo is also committing to achieve net-zero emissions by 2040, which is a decade earlier than called for in the Paris Agreement.
The reduction in emissions planned for by 2030 under PepsiCo's plan is the equivalent of taking more than five million cars off the road for a full year, according to the company.
"The severe impacts from climate change are worsening, and we must accelerate the urgent systemic changes needed to address it," PepsiCo Chairman and CEO Ramon Laguarta said. "Our ambitious climate goal will guide us on the steep but critical path forward -- there is simply no other option but immediate and aggressive action."
PepsiCo's strategy is driven by science-based measures and cost-benefit analysis and is targeting areas that have the most impact and can be scalable across the entire value chain. Some of the actions PepsiCo is committed to include expanding sustainable agriculture, improving packaging by reducing virgin plastic use and increasing recycled content, and continuing to source renewable electricity.
PepsiCo met its target last year to source 100% renewable electricity in the U.S. as it also set a new target to source 100% renewable electricity across all of its operations globally by 2030.
As a younger generation of investors increasingly hold companies accountable for their impact on Earth, PepsiCo has little choice but to begin its transformation as it remains one of the world's worst plastic polluters.
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Chobani enters the coffee market. Chobani, which is known for its Greek yogurt, announced it will begin selling ready-to-drink cold brew coffee this month. The 100% Arabica coffee will be offered either as black or with Chobani's sweet creamer, vanilla creamer or oat milk. "We were starting with the creamer products, and it's gone so well that we said let's continue on our path, and this was the next, natural step for us," Chobani chief innovation officer Niel Sandfort said. According to Nielsen, the ready-to-drink coffee category saw retail sales jump 17% to $1.6 billion in the year ending October 31.
BlackRock is bullish on equities. BlackRock, the world's largest asset manager, announced its assets under management grew to a record $8.68 trillion at the end of the fourth quarter as CEO Larry Fink believes the stock market will continue to post gains, but not as much as last year. "I think we're going to continue to see the market to be strong into 2021, probably not as strong as we saw in the fourth quarter or the third quarter last year," Fink said on CNBC. "We are persistently seeing investors worldwide under-invested, not over-invested, in long-term assets, and the best source of long-term assets are equities and many asset categories in the private area."
Taco Bell aims to please vegetarians. Taco Bell announced it is bringing back the Cheesy Fiesta Potatoes and the Spicy Potato Soft Taco on March 11 to give vegetarians more options to choose from. Taco Bell also announced it is working with Beyond Meat to create a new plant-based protein that will be tested in the coming year. "The return of our beloved potatoes is just the first step in showing our fans the strong continued commitment to vegetarian we are making this year," Taco Bell Global Chief Food Innovation Officer Liz Matthews said.
Super Nintendo World opening delayed. Universal Studios Japan announced the grand opening of Super Nintendo World will be delayed as a result of the state of emergency for Osaka prefecture. "We apologize to all of our guests and stakeholders for any inconvenience this causes," Universal said. "We know you are looking forward to the grand opening of Super Nintendo World when the time is right. We will announce the grand opening date soon after the lift of the state of emergency."
Shakira cashes in on music catalog. Shakira, the best-selling female Latin artist of all time, has become the latest musician to cash in on their publishing catalog after agreeing to sell it to Hipgnosis Songs Fund Limited for an undisclosed sum. Shakira joins the likes of Bob Dylan, Stevie Nicks and Neil Young who have all sold all or part of their catalogs in recent months. "At 8 years old -- long before I sang -- I wrote to make sense of the world," Shakira said. "Each song is a reflection of the person I was at the time that I wrote it, but once a song is out in the world, it belongs not only to me but to those who appreciate it as well."