By Denny Jacob

Colgate-Palmolive signed a 20-year virtual power purchase agreement for a solar energy farm in Texas.

The consumer products company said the project is expected to produce the equivalent of 100% of its U.S.-based operational electricity needs, with start-up expected in 2025.

Colgate-Palmolive said about 52% of its global electricity consumption was sourced from renewable energy as of Dec. 31.

Chief Sustainability Officer Ann Tracy said renewable energy agreements will help it hit its target of net zero carbon emissions by 2040 and 100% renewable electricity across its global operations by 2030.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 15, 2023 10:26 ET (14:26 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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