An upsurge in demand for renewable energy from multinational companies is now shifting markets away from fossil fuels in more than 140 markets worldwide
A dramatic upsurge in demand for renewable energy from ambitious multinational companies is now shifting markets away from fossil fuels in more than 140 markets worldwide, a new RE100 report reveals.
RE100 is the corporate leadership initiative led by The Climate Group in partnership with CDP, bringing together the world’s most influential businesses committed to 100% renewable power.
Identifying Japan, Australia, Mexico, Turkey and Taiwan as growth hotspots, the RE100 Progress and Insights Annual Report Moving To Truly Global Impact shows a 41% increase in renewable electricity sourced by RE100 companies in 2017, compared to 2016.
With the falling cost of renewables strengthening the business case for switching, 37 companies are already over 95% renewable, and six members reached their 100% goal for the first time.
Other key findings of the report are:
-More than three in four members are targeting 100% renewable electricity by or before 2030;
-Most members are based in Europe (77), followed by North America (53), Asia (24), and Oceania (1) – with 10 of the 37 new joiners in 2018 based in Japan;
-On average, members are sourcing over a third of their electricity from renewables (38% in 2017);
-Several members have surpassed interim targets – showing businesses can go faster than they first expect;
-IT companies lead on progress (averaging 73% renewable electricity in 2017), and there has been significant improvement from Health Care and Financials;
-The highest share of renewable electricity is still being sourced in Europe (62% in 2017), with Denmark (93%), the UK (82%) and Switzerland (81%) coming out on top;
-Renewable electricity sourced via power purchase agreements (PPAs) almost doubled in 2017, compared to 2016 – an increasingly popular sourcing method;
-As last year, companies see the economic case as a key driver for going 100% renewable, and policy barriers are the most commonly cited barrier;
-Increasingly, members are engaging with policymakers and suppliers to further increase the uptake of renewable electricity.
You can download the report here