SHANGHAI, Sept. 1, 2023 /PRNewswire/ -- Yum China Holdings, Inc. (NYSE: YUMC and HKEX: 9987, "Yum China" or the "Company") has unveiled a landmark accomplishment in its efforts to reduce greenhouse gas (GHG) emissions. As of July 2023, its company-owned logistics center in Nanning, Guangxi province is completely powered by renewable energy.
Based on the Company's market assessment, Yum China's Nanning logistics center stands out as the first cold chain logistics center in China to fully operate on carbon-neutral power. This achievement aligns with the Company's objective to achieve net-zero value chain GHG emissions by 2050. Furthermore, this shift to green energy operation was achieved without increasing utility costs, further cementing Yum China's leadership in GHG emissions reduction within the restaurant industry in China.
"The inauguration of our fully green-powered logistics center in Nanning marks a significant milestone in Yum China's sustainability journey," said Joey Wat, CEO of Yum China. "It's a meaningful achievement that emphasizes our responsibility to our planet and showcases what's possible for the future of our industry."
This milestone complements Yum China's ongoing renewable energy transition efforts in its restaurants and supporting facilities. By the end of 2023, Yum China is estimated to have a total annual green power consumption of about 10 million kWh, encompassing logistics centers and restaurants within the Company's operational control. Roughly 70 stores in Zhejiang, Anhui and Shanxi provinces are expected to complete a full transition to green energy in the fourth quarter of 2023. Utilizing a diverse range of green power trading models, Yum China is accelerating renewable energy adoption across its restaurants nationwide.
To meet increasing demands for renewable energy in the years to come, Yum China plans to generate its own power from distributed photovoltaics (DPV) while supplementing with green power purchases. By 2025, all newly-built Yum China logistics centers are expected to use solar power generated from rooftop DPVs. Plans are currently underway to install DPVs in the Company's Nanning (Guangxi) logistics center and in its upcoming Nanxiang (Shanghai) logistics center. As in-house green energy production capability increases, Yum China is bolstering its energy storage capacity to optimize utilization. The Company also has been driving low-carbon transformation across its entire value chain through the launch of a Distributed Photovoltaic and Virtual Green Power Purchase Alliance with 40 key suppliers in May 2023.
These efforts collectively illustrate Yum China's steadfast approach to explore and invest in affordable, reliable, and scalable renewable energy opportunities to support its ongoing low-carbon transition.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "likely," "will," "should," "forecast," "outlook," "look forward to" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations " in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has over 400,000 employees and operates over 13,000 restaurants under six brands across 1,900 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. Taco Bell offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.
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