Greif Announces Start of First Virtual Power Purchase Agreement in Europe

Greif Inc. has announced the start of its first Virtual Power Purchase Agreement (VPPA) in Europe, partnering with Enel Green Power España and Enel X Global Retail. The 12-year agreement will offset an estimated 65% of Greif's Scope 2 emissions in Europe and 3% of its global emissions. The VPPA is part of Greif's sustainability strategy, which aims to reduce greenhouse gas emissions and minimize waste throughout its operations.

Greif Inc. (NYSE: GEF), a global leader in industrial packaging products and services, has announced the commencement of its first Virtual Power Purchase Agreement (VPPA) in Europe. The 12-year agreement, effective from July 1, 2025, involves Greif purchasing 100 GWh of renewable energy annually from solar farms in Castilla y León, Spain, through a partnership with Enel X Global Retail and Enel Green Power España [1].

Under this agreement, Greif aims to offset approximately 65% of its Scope 2 emissions in Europe and 3% of its combined Scope 1 and 2 emissions globally. This strategic initiative is a core component of Greif's broader sustainability strategy, which focuses on reducing greenhouse gas emissions and minimizing waste throughout its operations [1].

"The activation of our VPPA with Enel Green Power España and through Enel X Global Retail is a testament to our commitment to reducing our environmental footprint and investing in sustainable solutions," said Ole Rosgaard, President and CEO of Greif. "This partnership not only advances our own sustainability objectives but by funding the development of solar energy infrastructure, we are helping accelerate the world’s transition to clean, renewable energy" [1].

Greif's sustainability initiatives, including the VPPA, are part of its vision to be the best customer service company in the world. The company's diverse portfolio includes steel, plastic, and fiber drums, intermediate bulk containers, and a range of packaging services for various industries. With over 14,000 colleagues across more than 250 facilities in 37 countries, Greif serves both global and regional customers [1].

The solar VPPA is expected to contribute to Greif's broader goals of reducing its environmental impact and promoting sustainable practices. For more information about Greif's sustainability initiatives and the VPPA, please visit www.greif.com/sustainability [1].

References:
[1] https://www.stocktitan.net/news/GEF/greif-announces-start-of-its-first-virtual-power-purchase-agreement-tkj70fyzl85e.html