Report Analysis: Inside the Renewables Race

As solar, wind and new procurement models accelerate energy transition, these reports show how corporate ambition is powering deeper collaboration, tougher emissions targets and supply chain innovation.

From PepsiCo’s regenerative sourcing and electric fleets to Meta’s gigawatt-scale power agreements and supplier engagement, the world’s largest brands are turning net-zero commitment into operational action -- delivering tangible progress at scale while meeting the demands of today’s dynamic energy landscape.

IEA report summary

The IEA’s Renewables 2025 outlines global clean energy growth and supply chain decarbonisation – calling for market reform and grid flexibility

Since 2010, the world has added about 2,500 GW of non-hydro renewables, largely in fuel-importing economies, strengthening energy security and resilience. Those additions helped energy importers avoid an estimated US$1.3tn in fossil fuel costs between 2010 and 2023. 

Procurement strategy is pivotal to this as market-based routes including corporate PPAs and merchant projects now drive a far larger share of growth as policy reforms in China and sustained deployment in Europe bring projects forward. 

Supply chains are the pressure point. PV manufacturing has swung into overcapacity, forcing average global module spot prices down to roughly US$0.09/W in 2024 and pushing margins negative. Price fragmentation persists where trade barriers apply. 

Integration challenges are also growing. Curtailment and negative prices have become more frequent in markets with high wind and solar shares, exposing the need for storage, flexible demand and the capacity to stabilise systems. 

The report links emissions and cost reductions to strategic procurement and grid flexibility while warning that concentrated mineral supply and grid constraints must be addressed to sustain momentum. 

Targets

• Tripling global renewable capacity to ~11,500 GW by 2030 agreed at COP28
• European Union REPowerEU ambition: 1,236 GW installed renewables by 2030
• China signalled ~3,600 GW wind and solar by 2035 in its next NDC cycle

“The growth in global renewable capacity in the coming years will be dominated by solar PV – but with wind, hydropower, bioenergy and geothermal all contributing, too," says IEA Executive Director Fatih Birol. 

Latest figures

~2,500 GW - of non-hydro renewables added globally between 2010 and 2023

US$1.3tn - amount energy importers have saved on fossil fuel imports since 2010 due to renewables

700 million tonnes - of coal displaced by renewables in 2023

China controls: 
60% of mining
~90% of refining 
90% of NdFeB magnet production

Progress

In 2024-2025, renewable energy moved deeper into core operations across global supply chains. Solar PV manufacturing expanded beyond China, yet severe overcapacity pushed module prices to about US$0.09/W and margins were negative, testing producers and buyers alike. 

Collaboration with suppliers accelerated market-based procurement. Corporate PPAs and merchant models took a larger share of new utility-scale growth as reforms in China and momentum in Europe broadened pipelines. 

However, challenges remain as negative prices spread in high-VRE markets highlight the need for storage and flexible demand. 

Focus ahead

• Diversify upstream manufacturing and critical minerals supply
• Accelerate grid build-out and interconnections
• Expand storage and firm capacity to reduce curtailment
• Use CfDs and clear auction pipelines to de-risk projects
• Shorten permitting and connection queues
• Scale demand-side flexibility in EV charging and heat

PepsiCo report summary

PepsiCo’s 2024 ESG Summary links regenerative agriculture, renewable energy and emissions reductions to drive progress in operations and supply chain. 

PepsiCo advanced its pep+ transformation in 2024, embedding sustainability into every area of its business. The strategy focuses on three pillars; Positive Agriculture, Positive Value Chain and Positive Choices. These shape how the company sources ingredients, produces goods and connects with consumers.

Through Positive Agriculture, for example, PepsiCo supports farmers in adopting regenerative methods that protect biodiversity and improve soil health. The approach also prioritises farmers’ livelihoods. 

Across the value chain, PepsiCo is also increasing its use of renewable energy, boosting water stewardship in high-risk regions and tackling packaging waste through circular systems that reuse or recycle materials.

It’s also clear PepsiCo reports transparently on its progress and keeps evolving its targets. It is focusing on building resilience in its operations while aiming to deliver positive outcomes for both society and the environment. Through steady innovation and collaborative effort, PepsiCo’s report works to show that sustainable practices and business growth can progress together.

Targets

• Spread the adoption of regenerative agriculture, restorative or protective practices across 10 million acres by 2030.
• Achieve a 50% reduction in Scope 1 and 2 emissions by 2030 (vs 2022 baseline).
• Use 40% or greater recycled content in plastic packaging by 2035 or sooner.

Ramon Laguarta, CEO of PepsiCo adds:  "pep+ is not just a sustainability strategy. It’s an ongoing transformation that powers our whole business."

Latest figures

3.5 million acres - supporting regenerative, restorative or protective practices in 2024.

89% - of direct global electricity needs met with renewable electricity in 2024.

50 Tesla semi-trucks and 75 Ford electric vans - for California operations, as PepsiCo expands its electric vehicle fleet in North America

75% - water replenishment at manufacturing facilities in high water-risk areas, replenishing about 24 billion litres to local watersheds.

185,000 - livelihoods measurably improved since 2021.

Progress

In 2024, PepsiCo embedded renewable energy and sustainability deeply into its operations. The company made strong progress expanding renewables across global manufacturing, installing solar and wind projects and improving energy efficiency.

Collaboration with suppliers fostered sustainable sourcing practices, enhancing supply chain resilience. 

Despite challenges in scaling renewable thermal energy and navigating regulatory complexities, PepsiCo continues innovating and partnering to drive decarbonisation and build a resilient, sustainable value chain. These efforts advance its journey toward net-zero emissions by 2050.

Focus ahead

• Achieve 100% renewable electricity in company-owned operations by 2030.
• Expand electric vehicle fleet for company-owned manufacturing and distribution logistics.
• Drive decarbonisation in third-party transportation and distribution.
• Increase sustainable sourcing to 90% of key ingredients by 2030.
• Advance water stewardship to replenish 100% of water used in high water-risk manufacturing facilities.
• Continue reducing virgin plastic use and enhance recyclable, reusable or compostable packaging.

Meta report summary

Meta’s 2025 Sustainability Report shows how clean energy use ties to supply chain reform, with emissions cuts across both operations and the value chain. 

Since 2020, the company has matched 100% of its electricity use with clean energy, adding more than 15 gigawatts of wind and solar capacity to grids around the world. This makes Meta one of the largest corporate buyers of renewable electricity globally.

The company uses long-term power purchase agreements (PPAs) to help bring new renewable projects online. These agreements support solar in Ireland, floating solar in Singapore and geothermal energy in the US. Energy storage investments back up these projects and help strengthen the reliability of local grids.

Meta’s clean energy use has a clear effect on its emissions. In 2024, the company cut six million tonnes of CO2 equivalent from its operational footprint and a further 1.4 million tonnes from its value chain.

Scope 3 emissions remain the most challenging part of the company’s environmental impact. To address this, Meta runs a Net Zero Supplier Engagement Program, encouraging suppliers to adopt science-based targets for emissions reduction.

The report links emissions reduction directly to strategic energy procurement. By using its scale to back renewable infrastructure, Meta enables cleaner grids while pushing lower emissions through its operations and supply chain. The goal is to reach net-zero emissions across the entire value chain by 2030.

Targets

• Reduce Scope 1 and 2 emissions by 42% in 2031 from a 2021 baseline. 
• Enable at least two-thirds of suppliers, based on their contribution to our emissions, to set science-aligned emissions reduction targets by 2026.
• Continue to match 100% of electricity use with clean and renewable energy to support operations.

 “Our sustainability strategy is centred around climate, water, supply chain responsibility and biodiversity” say Rachel Peterson & Blair Swedeen. 

Latest figures

15 GW - of clean and renewable energy added to grids globally supported by Meta projects.

48% - of suppliers, based on emissions contribution, have set science-aligned emissions reduction targets as of 2024.

Six million tonnes - of CO2e operational emissions reduced in 2024 through clean and renewable energy procurement.

1.4 million tonnes - of CO2e reduction in value chain emissions in 2024 due to renewable energy (EACs) applied.

89 - of 128 renewable energy projects in Meta’s portfolio were online and producing power by the end of 2024.

Progress

Meta has maintained net-zero operational emissions since 2020, matching 100% of electricity use with clean energy.

Since 2021, renewable energy procurement has driven significant emissions reductions totaling nearly 24 million tonnes. The company has secured long-term contracts for 15 gigawatts of clean energy capacity worldwide, ensuring new renewable projects come online.

Collaboration with key suppliers, nearly half of which have set science-aligned emissions targets, supports decarbonising broader value chains. 

Looking ahead, supplier training programmes will further encourage renewable energy adoption, advancing Meta’s commitment to sustainable, low-carbon operations and supply chains through ongoing innovation and partnerships.

Focus ahead

• Increase supplier engagement to enable two-thirds to set emissions targets by 2026.
• Expand long-term renewable energy contracts including wind, solar, geothermal and emerging technologies.
• Invest in innovative energy storage solutions to support grid reliability.
• Explore emerging clean energy technologies such as geothermal and next-generation nuclear.
• Continue embedding circularity principles in supply chain operations and material sourcing.
• Collaborate with suppliers through training and capacity building on clean energy procurement and emissions reductions.