The Estée Lauder Companies Becomes First Prestige Beauty Company to Execute a Virtual Power Purchase Agreement for Renewable Energy
The Estée Lauder Companies Inc. (NYSE:EL) has signed a virtual power purchase agreement (VPPA) for the Ponderosa wind farm in Beaver County, Oklahoma, adding renewable energy to the electricity grid. This agreement makes The Estée Lauder Companies Inc. the first prestige beauty company to execute a VPPA1 and bolsters its renewable electricity footprint in the U.S. and Canada.
The VPPA is the company’s largest renewable energy contract globally. The Ponderosa 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. The company announced it would build upon this existing Net Zero commitment and set a science-based target covering Scopes 1, 2 and 3 by the end of 2020. Through the company’s renewable energy solutions in its portfolio, the company has achieved 100% renewable electricity (RE100) in the United States and Canada ahead of schedule.
“The Estée Lauder Companies is committed to innovating to help achieve a low-carbon future,” said Nancy Mahon, Senior Vice President, Global Corporate Citizenship and Sustainability of The Estée Lauder Companies. “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.”
Under the VPPA, 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. The wind energy the company will buy from Ponderosa is 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. Construction of the Ponderosa wind farm is scheduled to begin in early 2020.
“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 Ponderosa VPPA is the latest renewable energy project in the company’s renewables portfolio, which also includes a 1 MW solar PV system at its Whitman Laboratories in the U.K. and 1.4 MW ground-mounted solar array recently constructed at the company’s Melville campus in New York, among other projects in the pipeline. The U.S. Environmental Protection Agency (EPA) has recognized The Estée Lauder Companies Inc. as one of the top ten retail partner green power users in the EPA’s Green Power Partnership’s most recent rankings. The company is one of a select few RE100 signatories in the beauty industry.
Cautionary note regarding citizenship and sustainability information:
This press release contains information about our citizenship and sustainability goals and efforts. These involve certain risks and uncertainties, such as changes in our business (e.g., acquisitions, divestitures or new manufacturing or distribution locations), the standards by which achievement is measured, the assumptions underlying a particular goal and our ability to accurately report particular information. Actual results could differ from our stated goals or the results we expect. We also may change, or decide not to pursue, certain goals or initiatives. Moreover, the standards by which citizenship and sustainability efforts and related matters are measured are developing and evolving, and certain areas are subject to assumptions. The standards and assumptions could change over time. In addition, statements made about our company, business or efforts may not apply to all business units (e.g., ones that are recently acquired). We assume no responsibility to update the information contained in this press release or to continue to report any information.
About The Estée Lauder Companies Inc.
The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M·A·C, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN, Tory Burch, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, By Kilian, BECCA and Too Faced.
1 According to the Business Renewables Center Deal Tracker.
Media: Bari Seiden-Young
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
BUFF STUDIO Globally Launches My Coloring, a Mobile 3D Pixel Art Coloring Book Game6.12.2019 13:00:00 CET | Press release
BUFF STUDIO announced on December 5 that it launched My Coloring, a mobile 3D pixel art coloring book game, in 155 countries simultaneously. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005162/en/ BUFF STUDIO launched My Coloring, a mobile 3D pixel art coloring book game, in 155 countries simultaneously. My Coloring is a game that materializes a 3D pixel art coloring book on mobile devices. You can blow your stress away as you paint spaces in the order of numbers on the screen while reading calming messages. Relaxing background music you will listen during gameplay and its fairytale-like design will give you pleasure and happiness. You can download it for free on Google Play and the Apple App Store. (Graphic: Business Wire) Its Android and iOS versions were released at the same time so the users can download it for free on Google Play and the Apple App Store. My Coloring is a game that materializes a 3D pixel art col
Horizon8 Opens European Headquarters in Cork with Plans for up to 50 Jobs6.12.2019 12:00:00 CET | Press release
Horizon8, an innovative, technology solutions company today opens its European headquarters in Cork, Ireland. Formerly called HengTian, the Company was created in 2004 as a strategic partnership between Boston based State Street, and Hangzhou based Insigma Technology and Zhejiang University. The new office in Cork will mark the first European office for Horizon8 adding to the company’s North American presence in Boston. An Tánaiste (Deputy Prime Minister), Simon Coveney, T.D. commenting on the opening said: “This announcement is great news for Cork and indeed Ireland. With up to 50 jobs planned, Horizon8 is placing a significant vote of confidence in the Irish Market and further demonstrates our competitive position in attracting Foreign Direct Investment. All of these roles will be for high-skilled workers, including engineers, developers and business consultants. As a Government, we have been committed to making sure that there is a strong pipeline of job opportunities outside of Dub
UAE Company Completes GBP 300 Million Investment in UK6.12.2019 09:58:00 CET | Press release
Twenty14 Holdings, the hospitality investment arm of LuLu Group International, has completed investments of US$ 390 million in UK with the inauguration of the Great Scotland Yard in London today. The hotel will be open for business from December 9, 2019. The historic property was acquired in 2015 for GBP 110 million, and the makeover of the hotel involved a further GBP 50 million. In addition to the Great Scotland Yard, Twenty14 Holdings had acquired the celebrated Waldorf Astoria Edinburgh – The Caledonian in Scotland in 2018. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005122/en/ The Great Scotland Yard being formally inaugurated by Nicky Morgan, Secretary of State, Lord Jonathan Marland, Sir Edward Lister, UAE Ambassador HE Mansoor Abulhoul, Indian High Commissioner Ruchi Ghanshyam, Hyatt Hotels Global President & CEO Mark Hoplamazian in the presence of LuLu Group Chairman Yusuffali MA and Twenty14 Holdings MD Ad
Autodoc GmbH adapts its storage capacity to strong company growth6.12.2019 09:08:00 CET | Press release
Autodoc, the benchmark in online retail for car spare parts in Europe, is expanding its logistics locations in Szczecin and Berlin. With above-average growth in recent years, the demands placed on logistics have become increasingly extensive. In 2018 as a whole, around five million orders were processed and delivered at the two Autodoc warehouses in Berlin and Szczecin. In the current year, the 6 million mark in orders was already exceeded by mid-November. In order to meet Europe-wide demand in the future as well, Autodoc has rented additional warehouse space in Szczecin and at its main location in Berlin. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005110/en/ The Autodoc warehouse in Szczecin, Poland, will provide around 27,000 m² of storage space from spring 2020. (Photo: Business Wire) Expansion of logistics capacities is a key growth factor Autodoc saw itself as a European company from the outset and identified
Play harnesses ADVA timing solution for 5G-ready mobile network6.12.2019 08:00:00 CET | Press release
ADVA (FSE: ADV) today announced that Play has deployed its Oscilloquartz timing solution to provide LTE Advanced services throughout Poland and prepare its network for 5G. The PTP grandmaster with dual integrated GNSS antenna enables Play to deliver the resilient and accurate Precision Time Protocol (PTP) frequency and phase synchronization needed for next-generation connectivity. With its ultra-compact design, the OSA 5405 Series empowers Play to migrate its radio access network from costly GNSS RF antennas and coax cables to standard copper and fiber Ethernet cabling, dramatically reducing capital expenditure and operating expenses. ADVA’s long-term partner NAVI also played a key role in the project. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005008/en/ ADVA's OSA 5405 timing technology is helping Play prepare for 5G (Photo: Business Wire) “This deployment is about taking our RAN infrastructure to the next level.
Ipsen Initiates Partial Clinical Hold for Palovarotene IND120181 and IND135403 Studies6.12.2019 06:00:00 CET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced, following discussions with the U.S. Food and Drug Administration (FDA), that a partial clinical hold effective immediately, for the pediatric population under the age of 14 was issued for studies conducted under IND120181 and IND135403 evaluating the investigational drug candidate palovarotene for the chronic treatment of fibrodysplasia ossificans progressiva (FOP) and multiple osteochondromas (MO), respectively. The partial clinical hold applies to the pediatric population (patients under the age of 14 years) currently participating in the Phase 2 (PVO-1A-202/204 and PVO-2A-201) and Phase 3 (PVO-1A-301) studies in all clinical sites at global level. The FDA is allowing the studies to continue to treat patients 14 years of age and older. The partial clinical hold was issued following recent safety reports submitted by the company to the FDA of cases of early growth plate closure in pediatric patients with FOP treated w