PepsiCo recently published its 2023 progress report on Environmental, Social and Governance (ESG) named ‘2023 ESG Reporting Suite’ which provides a detailed update on PepsiCo Positive (Pep+), the company’s global transformation programme to drive long-term business performance and value.
The company said that various steps have been taken to meet ESG goals including innovations, strategic investment, partnerships and action by its 318,000 global associates.
In 2023, the company reduced Scope 1 and 2 emissions by 33% and total Scope 1, 2 and 3 emissions by 4% compared to a 2015 baseline. As compared to the previous year, this reduction was 13% and 5%, respectively. Approximately 80% of the company’s direct global electricity needs were met with renewable electricity mechanisms, including on-site solar, off-site power purchase agreements and renewable energy credits.
The company reduced the use of virgin plastic derived from non-renewable sources by 4% year over year and doubled the global regenerative farming footprint to more than 1.8 million acres. The report further highlights that PepsiCo helped more than 10 million people gain access to safe water, bringing the total to more than 91 million since 2006.
“Three years into our pep+ journey, it’s clear the focus we have driven throughout the business is working in many areas. Our use of virgin plastics is down year-over-year and our total Scope 1, 2 and 3 emissions are down compared to 2022, as well as versus our 2015 baseline. However, the road ahead will continue to present challenges,” said Jim Andrew, Chief Sustainability Officer at PepsiCo.
He added, ” Building strong and strategic partnerships with other scale players and adopting and scaling breakthrough technologies are central to our strategy.”