PepsiCo announced a new target to source 100 percent 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. With PepsiCo's scale, the transition has the potential to reduce approximately 2.5 million metric tons of greenhouse gas (GHG) emissions by 2040, according to the company. This announcement builds upon the company's global efforts to increase its use of renewable energy sources and its transition to renewable electricity in the United States, its largest market, announced earlier this year.

PepsiCo currently procures renewable electricity in 18 countries, nine of which already meet 100 percent of their electricity demand from renewable sources. With the shift to renewable electricity in the US underway this year, PepsiCo is currently on track to source 56 percent of its electricity through renewable sources globally by the end of 2020.

To achieve 100 percent renewable electricity globally, PepsiCo 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.