In 2019, over 170 companies are making the commitment to switch to 100% renewable energy, with 37 already at 95%; so close to meeting their target. From Ikea and Unilever, to Mars and Budweiser, these businesses are some of the world’s most influential companies, all members of the RE100 and 100% committed to a zero carbon future.
An historic new report from Energy Watch shows that we can reach 100% renewable energy in just a few decades, and it’s affordable; making this the clear answer to tackling climate change.
But more importantly, perhaps is the fact that this transition to 100% renewables is already happening – and it’s the corporate world that’s leading the charge.
With the economic and social imperatives of addressing climate change increasingly compelling, a growing number of companies are de-risking their operations by shifting away from increasingly volatile fossil fuels, providing hope that this can (and will) become mainstream.
It signals a remarkable turnaround from the early days of the industry, when solar power was out of the question for the majority of corporates. There were the early pioneers, but the case for a ‘people and planet’ approach to business was yet to be formed, let alone won.
Growing the zero carbon economy
On the ground, corporates are really forging ahead with Power Purchase Agreements (PPA’s) in particular. This sourcing of renewable electricity is not only positive for CO2 reduction but is having a significant impact on the global economy.
According to IRENA, over 10 million people are now employed in the global renewable energy sector. Corporate commitments to renewable energy are taking this number higher and providing significant new capital injections. Meanwhile, according to Bloomberg NEF, RE100 members alone are investing over $94 billion.
Corporate sourcing of renewables: market and industry trends (IRENA, 2018).