Commercial, Energy Efficiency, Solar - October 13, 2020
PepsiCo releases first updates on $1 billion green bond
PepsiCo released Oct. 13 an update on the allocation of its previously announced $1 billion green bond, including low-carbon fleet upgrades and a $98 million green R&D facility.
The beverage company first announced the massive green bond in October 2019. Since then, it has allocated more than $110 million toward the transition of its company-owned fleet to lower-carbon models and put $98 million to an R&D facility in Valhalla, N.Y., that features 681 solar panels.
PepsiCo also estimates that it avoided approximately 210,000 metric tons of greenhouse gas emissions by allocating $200 million of the bond to procure recycled polyethylene terephthalate (rPET) plastic for its North American beverage packaging. As of December 31, 2019, $447 million of the net proceeds from the green bond had been allocated.
“We are focused on accelerating our momentum to further align business and purpose, and are proud of the progress we've made towards building and investing in a more sustainable future,” Jim Andrew, Chief Sustainability Officer at PepsiCo, said in a statement. “The Green Bond is one of the many tools we're using to advance critical steps in our sustainability journey, and it is a significant catalyst for continued progress. Ultimately, that's what PepsiCo's Green Bond is all about: action.”