Estee Lauder signs renewable energy deal.
Estee Lauder has signed a virtual power purchase agreement for a wind farm in a move to become more sustainable.
The virtual power purchase agreement (VPPA) makes Estee Lauder the first prestige beauty company to execute this agreement.
Construction of the wind farm, being built in Beaver County, Oklahoma, is expected to begin in early 2020. The wind energy produced will be equivalent to powering more than 9,000 typical U.S. homes and will reduce fossil fuel emissions equivalent to removing more than 14,000 cars from the road annually.
Nancy Mahon, Senior Vice President, Global Corporate Citizenship and Sustainability of The Estée Lauder Companies, said: “The Estée Lauder Companies is committed to innovating to help achieve a low-carbon future. We’re so pleased to meet our 2020 RE100 commitment for North America early. Projects like the Ponderosa wind farm and others in our Net Zero portfolio are all significant achievements toward our commitments to address climate change.”
The company will purchase the energy produced by 22 megawatts (MW) of the Ponderosa wind farm, owned and operated by a subsidiary of NextEra Energy Resources, which equates to approximately 10 wind turbines.
“We are proud to partner with The Estée Lauder Companies on this forward-looking investment in renewable energy,” said John Di Donato, Vice President of Development for NextEra Energy Resources. “In addition to low cost, homegrown energy, the Ponderosa Wind project will create good jobs and millions of dollars in additional revenue for the local community – helping fuel America’s clean energy economy.”
The wind farm alone will cover more than half of the company’s global electricity footprint with renewable energy technologies, putting the company on target to meet its global 2020 Net Zero carbon emissions RE100 commitment.
Estee Lauder are one of the few global beauty companies that have signed with RE100 to commit the urgent action required for the energy transition.
Amy Davidsen, Executive Director – North America, The Climate Group, said: “We’re so excited to see that The Estée Lauder Companies Inc. has reached 100% renewable electricity in the U.S. and Canada ahead of schedule. This is a significant milestone toward the company’s global RE100 goal and demonstrates it is possible to go further and faster on renewable energy.”
22 November 2019