LONDON: Corporate sourcing of renewable electricity can be a major driver of the transition to a robust, zero-emissions economy, according to this year's RE100 Annual Report, released today to coincide with the World Economic Forum Annual Meeting in Davos.
The report highlights the speed of the corporate transition to cleaner energy. Many RE100 members have set an end goal for achieving 100% renewable electricity before 2024, and 11 members already achieved 100% renewable electricity prior to 2015 – sending a clear market signal to governments and investors around the world that growing demand for renewable energy must be met sooner rather than later.
Based on the latest available electricity consumption data (2015) from RE100 members, other findings in today’s report show:
The report also shows that, within the membership, Telecommunication Services is the closest sector to reaching 100% renewable electricity (97% in 2015).
Damian Ryan, Acting CEO, The Climate Group said: “It is really encouraging to see that more companies than ever are committing to bold climate action, helping us move towards a net zero-emissions economy. But we need to see faster progress. In order to deliver on the Paris Agreement and keep global warming well below two degrees, we need governments to remove policy barriers and create investment incentives that can provide easier access to renewable energy. And we need more business leaders to influence the usage of renewable power right along their supply chains.”
New RE100 members announced today
Also today, coinciding with the 2017 RE100 Annual Report launch, three major European businesses have joined the campaign; Danske Bank Group, Gatwick Airport Limited and Royal Philips, with a commitment to 100% renewable electricity across their global operations.
Danske Bank Group is a Nordic universal bank, headquartered in Copenhagen and listed on Nasdaq Copenhagen. The bank reached 100% renewable electricity in 2015 by purchasing unbundled renewable energy attribute certificates equivalent to its entire electricity consumption.
Gatwick Airport Limited in the UK took a similar approach to become 100% renewable in 2013, and now has a further target to increase its share of direct purchasing by 2020.
Leading Dutch health technology company Royal Philips has a goal of reaching 100% renewable electricity by 2020. Philips is currently working with four other international companies to sign long-term PPAs in the countries in which they all operate.
RE100 members recognize the value of transitioning to renewable electricity; from greater control over energy costs and financial savings, to delivery on sustainability goals and enhanced reputations.
General Motors has reported savings of US$5 million annually from using renewable energy, with this figure likely to increase significantly with prospective projects coming online and the supply of renewable energy increasing.
Click here for the full report.