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Colgate-Palmolive commits to a 20-year virtual power purchase agreement (VPPA) for a 209 MW solar farm near Waco, Texas.
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Colgate was the first major multinational in its sector to have Net Zero Carbon targets approved by SBTi.
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Colgate is actively addressing climate change with on-site solar installations in 17 locations globally.
In conjunction with Climate Week NYC, Colgate-Palmolive has made a significant commitment to sustainability by announcing a 20-year virtual power purchase agreement (VPPA) for a solar energy farm located outside of Waco, Texas. The new Markum Solar Farm, with an impressive capacity of 209 megawatts, will serve as a steadfast, long-term source of clean, renewable energy within the United States. The project is slated to commence operations in 2025 and is expected to generate electricity equivalent to 100% of Colgate's operational electricity needs in the United States.
This development follows Colgate's 2022 announcement during Climate Week NYC, where it shared that the company had become the first major multinational company in the Consumer Durables, Household, and Personal Products sector to have its Net Zero Carbon targets officially approved by The Science Based Targets initiative (SBTi).
Colgate has been consistently working towards its commitment to addressing climate change and transparently disclosing greenhouse gas emissions data for more than two decades. Accelerating action on climate change is a fundamental pillar of its 2025 Sustainability & Social Impact Strategy. As part of this strategic vision, Colgate has been actively implementing on-site solar projects at its operations worldwide. In 2022, the company completed the installation of four new on-site solar facilities at Colgate facilities in South Africa, Turkey, Argentina, and Brazil. This brings the total number of locations equipped with on-site solar to 17. As of December 31, 2022, approximately 52% of Colgate's global electricity consumption was sustainably sourced from renewable energy.
Scout Clean Energy, a portfolio company of Brookfield Asset Management, is leading the development of the new solar farm. Colgate received expert guidance on the VPPA agreement from 3Degrees.
Ann Tracy, Chief Sustainability Officer, commented,
Colgate is committed to making progress towards our ambitious Net Zero goals, and we are pursuing this important priority through innovative and diverse ways that are proven and measurable. Renewable energy agreements are a valuable part of our renewable energy master plan and will help us achieve our targets of Net Zero carbon emissions by 2040 and 100% renewable electricity across our global operations by 2030.
[Source - Business Wire]