In a move towards achieving its goal of net zero carbon emissions, consumer products giant Colgate-Palmolive (NYSE: CL ) announced on Friday that it has signed a 20-year virtual power purchase agreement (VPPA) for the Markum Solar Farm near Waco, Texas. The 209-megawatt solar farm is expected to start operations in 2025 and will provide 100% of the company's U.S.-based operational electricity needs.
This announcement comes as part of Colgate-Palmolive's commitment to the Climate Week NYC initiative. Last year, during the same event, the company revealed that it was the first multinational firm in the consumer durables, household and personal products sector to have its net zero carbon targets approved by The Science Based Targets initiative (SBTi).
"Colgate (NS: COLG ) 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," said Ann Tracy, Chief Sustainability Officer at Colgate-Palmolive. The company aims to achieve net zero carbon emissions by 2040 and source 100% renewable electricity across its global operations by 2030.
Colgate-Palmolive's sustainability efforts include constructing on-site solar projects for its operations worldwide. In 2022, the company completed four new on-site solar installations at its facilities in Turkey, South Africa, Argentina, and Brazil, bringing the total number of locations with on-site solar to 17. As of December 31, 2022, approximately 52% of Colgate's global electricity consumption was sourced from renewable energy.
The Markum Solar Farm project is being developed by Scout Clean Energy. Colgate-Palmolive received advice from 3Degrees regarding the VPPA agreement.
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