Pharma renewable energy co-op sparks broader supplier push, follows Walmart's lead
A coalition of pharma companies is doubling down on efforts to encourage suppliers to adopt renewable energy practices. The “Energize” pharma program, launched last year at the climate change conference COP26 with 10 of the world’s largest drugmakers, now includes 15 pharmas, plus a new cohort of suppliers opting into a first-ever power purchase agreement (PPA).
The buyers’ group, which includes seven suppliers and two of the pharmas, is pitching in together under Schneider Electric for scale-buying power in Europe and North America. PPAs are attractive for renewable energy providers because the typical 10-20 year long-term deals provide capital for building new projects, including wind farms and solar fields.
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