McDonald's, Ares Management Corporation's Infrastructure and Power strategy, and Apex Clean Energy signed a 220 MW virtual renewable power purchase agreement that would see the fast-food giant purchase renewable energy created by wind and solar projects in Texas.
The agreements would be long-term and large scale, said McDonald's in an announcement. Project construction is set to begin on the next few months.
McDonalds is expected to produce more than 300 MW worth of renewable energy
McDonald's said in a CNBC news report that 380 megawatts (MW) worth of renewable energy would be produced. While the power will not be routed directly to McDonald's restaurants or offices, the electricity would add to the total renewable energy available to the grid.
According to McDonald's website, the fast-food chain is supposed to produce more renewable energy to more than 2,500 McDonald's restaurants-worth of electricity.
According to Francesca DeBiase, McDonald's chief supply chain and sustainability officer, these wind and solar projects in the United States serves as a crucial step in their goal to address climate change. The company likewise aims to establish years of renewable energy sourced in most of its European markets, she added.
More than US$200 M in local tax revenue would be generated to the local community and would provide more than ten long-term jobs and approximately 600 new short-term construction, operations, maintenance jobs.
Marty Spitzer, Senior Director, Climate and Renewable Energy of World Wildlife Fund, said she finds McDonald's investment in 380 MWs of renewable energy "groundbreaking" as it would help treat a large chunk of the greenhouse gas emissions.
By 2030, McDonald's intends to reduce greenhouse gas emissions linked to its offices and establishments by 36 percent. The fastfood chain likewise pledge to cut 31 percent of its emission intensity per metric ton of food and packaging over its supply by 2030. Science Based Targets Initiative finds the goals agreeable.
The fastfood company strives to make all of McDonald's guest packaging come from renewable, reused or accredited sources to recycle packaging in all of its McDonald's restaurants through its Scale for Good platform by 2025.
Gary Farha, president and CEO of CustomerFirst Renewables, said McDonald's "worked tirelessly" to regulate its business, design an inventive strategy that fits its unique franchised business model, and build a strong foundation for future transactions.
"McDonald's is taking an important [measure to address] its carbon footprint and is [manifesting] leadership by inspiring others to act," Farha said.
McDonald's also announced that its establishments in several parts of Europe, such as UK/Ireland, The Netherlands, Switzerland, Sweden, Portugal, Germany, France, and Austria, are almost completing the energy required to fulfill the power and electricity to the restaurants from renewable sources as of 2018.
McDonald's joins world's big firms in committing to renewable energy
McDonald's in the United States also joined other global businesses in committing to renewable energy. Amazon reported their three renewable energy plans, including its first project in Scotland.
Microsoft inked a 15-year agreement for a 74-megawatt solar power facility in North Carolina responsible for creating renewable energy. around 200 MW of renewable energy from the Aviator Wind East were also procured by Facebook.
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