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PepsiCo issues 1st-ever green bond at $ 1bn..names 1st sustainability officer
PepsiCo Inc. issued its first-ever Green Bond at $ 1 billion. The net proceeds from bond offering will bankroll a series of key initiatives to advance PepsiCo’s sustainability agenda.
The company has also named PepsiCo leader Simon Lowden as its first Chief Sustainability Officer. In this new role, effective immediately, Lowden will be responsible for leading PepsiCo’s Sustainability Office, including the Global Sustainable Plastics team and Global Sustainable Operations team.
“PepsiCo is deeply committed to using our scale for good and advancing the purpose behind our sustainability agenda: to help build a more sustainable food system,” said Ramon Laguarta, PepsiCo Chairman and CEO. “Issuing a bond focused on environmental sustainability reflects our deep commitment to the priorities laid out in our recent Sustainability Report and represents another step in our plan to become a faster, stronger, better company.”
In September, PepsiCo released its 2018 Sustainability Report, which outlined six priority areas where the company believes it can make the best contribution – agriculture, water, packaging, products, climate and people – along with eight ambitious and measurable goals. The following eligible categories for the use of the Green Bonds net proceeds are aligned with these priorities and the United Nations Sustainable Development Goals (SDGs).
As for “Sustainable Plastics and Packaging”, PepsiCo has a new target to reduce 35% of virgin plastic content across its beverage portfolio by 2025. Green Bond proceeds will help reach this target by funding projects that purchase compostable, biodegradable and/or recyclable material for use in product packaging, and by investing in the development of packaging that includes bio-based PET bottles and compostable and biodegradable snacks flex films. (SDG 9 – Industry, Innovation and Infrastructure, and SDG 12 – Responsible Consumption and Production.
Concerning “Decarbonization of Operations and Supply Chain”, PepsiCo has set a goal of reducing absolute greenhouse gas emissions across its value chain by 20% by 2030, from a 2015 baseline. Green Bond proceeds will advance this goal by funding projects that improve energy efficiency, utilize cleaner transportation that replaces fossil fuel-powered cars with electric vehicles, and train farmers on ways to improve soil health. (SDG 7 – Affordable and Clean Energy, and SDG 11 Sustainable Cities and Communities).
Regarding “Water Sustainability,”, PepsiCo aims by 2025, in high water-risk areas, to replenish 100% of the water it consumes in its manufacturing operations and improve its operational water-use efficiency. Green Bond proceeds will support this goal by funding projects focused on water recycling and reuse, alternative crop rotation / tree planting, and providing smallholder farmers with access to drip irrigation and other water-saving technologies. (SDG 6 – Clean Water and Sanitation, SDG 12 – Responsible Consumption and Production, and SDG 15 – Life on Land).
“I am proud PepsiCo has issued its first Green Bond to address global challenges like carbon emissions, access to clean water, and plastic waste, and that the company continues to be a leader in tackling critical sustainability issues,” said Lowden. “This offering reflects our commitment to Winning with Purpose and being part of global solutions by further integrating sustainability into our business and our brands. I look forward to working with our many stakeholders around the world—including communities, consumers, customers, governments and NGOs—to advance this vital agenda.”
Lowden brings a wealth of critical experience and passion to his new position. In addition to leading PepsiCo’s Plastics Council and spearheading the company’s Global Sustainable Plastics agenda for the past year, he has held numerous leadership positions across both Foods and Beverages, in North America and globally, throughout his 23-year career with PepsiCo. He most recently served as President of the Global Foods Group, where he oversaw a period of impressive growth. Before leading the Global Foods Group, Lowden had roles as Chief Marketing Officer (CMO) of North America Beverages and CMO of PepsiCo International.
Earlier this month, Loop Industries,, a leading technology innovator in sustainable plastic, and PepsiCo announced that they have entered into a multi-year supply agreement that will enable PepsiCo to purchase production capacity from Loop’s joint venture facility in the United States and incorporate Loop™ PET plastic, which is 100% recycled material, into its product packaging by early 2020.
As the demand for sustainable packaging solutions continues to grow, Loop Industries has emerged with truly transformational technology that allows no and low value plastics to be diverted, recovered and recycled endlessly into new, virgin-quality Loop™ PET plastic. This innovation allows plastic bottles and packaging of any color, transparency or condition, carpet, clothing and other polyester textiles that may contain colors, dyes or additives, and even ocean plastics that have been degraded by sun and salt to meet FDA requirements for use in food-grade packaging.
As one of the largest purchasers of recycled PET plastic in the consumer goods space, PepsiCo has identified Loop™ PET as a commercially viable technology to expand the amount of recycled content in its product packaging and help meet its sustainability ambitions and consumer needs. This agreement aligns with PepsiCo’s Performance with Purpose vision and highlights the company’s commitment to adopt different and creative approaches to the challenges of plastics and waste.
“Loop’s technology enables PepsiCo to be a leading force in ensuring plastic packaging need never become waste,” said Dr. Mehmood Khan, Vice Chairman and Chief Scientific Officer, PepsiCo. “This partnership represents a step-change that will empower PepsiCo in our drive towards creating a circular economy for plastics.”
“We are very proud to supply PepsiCo with Loop™ branded PET plastic,” said Daniel Solomita, Founder and CEO of Loop Industries. “Working with a global food and beverage giant like PepsiCo will further establish the value proposition of the Loop brand and mission – to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy.”
The deal will also include a marketing and communications plan to raise awareness of the importance of recycling, sustainability and the circular economy.
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