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Pepsi (PEP) reveals 100% green energy target, shares down 2%
Fizzy drink maker Pepsi (PEP) said that it plans to use 100% renewable energy across its franchise by 2040, becoming the latest big corporation to go green amid climate change fears.
PepsiCo (PEP) shares eased 2% lower on Monday as the food, snack and beverage giant revealed plans to use 100% renewable energy across its entire company by 2040.
In a statement released at the start of the new week, Pepsi said that it expects its upcoming transition to green energy sources to cut greenhouse gas emissions by 2.5m metric tons.
Pepsi chief sustainability officer Jim Andrew revealed that the company was fully aware of the “devastating effects” of climate change and that action needed to be taken now to make a difference.
He added: “We know the responsibility that comes with our size and scale, so transitioning PepsiCo’s global business operations to 100% renewable electricity is the right step forward to deliver meaningful impact as we continue to advance our sustainability agenda.”
Pepsi has set an ambitious target of 2030 for 100% renewable electricity across its first party operations ahead of a full-scale switch 10 years later.
It is not the only corporation to set out plans for a renewable future.
Apple (AAPL), Nike (NKE) and Walmart (WMT) have also pledged to do the same in the coming years.
Pepsi’s announcement is unlikely to sway investor sentiment for the week ahead.
PEP stock was relatively steady at open on Monday before retreating 2% to $130.04 at midday on the Nasdaq.
Pepsi shares have not been particularly volatile this year, and for the year to date, stock is down 5%.
The PEP consensus rating has not shifted during the last six months either.
The average rating is buy with eight analysts at that position, two at strong buy and six at hold.
The consensus price target is $142.87.
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