More than 50 companies have called for support for corporate renewables purchasing to be included in the EU’s Covid-19 economic stimulus package.
The group of corporate clean energy buyers, which includes AB InBev, Nestle and Swisscom, has requested a policy framework that will “boost” corporate renewable electricity sourcing across the bloc.
European leaders will meet on 19 June to discuss a €750bn economic recovery plan unveiled by the European Commission at the end of May.
Funded by borrowing on financial markets, the plan notes the Green Deal’s 2050 climate targets, but “lacks detail” as to how these will be achieved.
The companies, which also include renewables suppliers such as Enel and Orsted, have signed a letter to the EU and national governments, calling for several “key measures”.
These include stimulating additional investment by providing public credit guarantees or risk sharing for at-risk renewable energy projects.
The letter also asks for policies to support the faster roll-out of corporate PPAs.
According to Bloomberg New Energy Finance, companies used PPAs to purchase six times as much renewable power in the Americas as in Europe last year.
The signatories have called for the “prioritisation of funding” for electricity infrastructure, such as transmission and interconnectors, smartening and digitalisation of distribution networks and storage sites.
Two out of 24 national energy and climate plans submitted to date under the Clean Energy for All Europeans package detail how they will deploy corporate renewable energy sourcing.
RE100, led by The Climate Group in partnership with CDP, brings together more than 240 global companies committed to 100% renewable power globally.
The Climate Group chief executive Helen Clarkson said: “Covid-19 has presented unprecedented challenges, but some good can come of it if we seize the opportunity to drive emissions cuts, helping us to live better in the future.
“A key area is fast-tracking renewable energy use. With the right policy measures in place, businesses will channel billions of euros of investment across the continent – slashing emissions and creating the new jobs that we need.”
BBVA responsible business global head Antoni Ballabriga said: “The banking industry is ready to provide the financial solutions to promote this change at scale together with the concrete actions to take under the umbrella of the Next Generation EU plan proposed by the European Commission.”
WindEurope CEO Giles Dickson said: “More and more companies are sourcing their electricity directly from wind farms.
“It makes sense for them – wind is cheap and scalable. Wind helps to shift their energy consumption away from fossil fuels to more efficient electricity.”
SolarPower Europe interim CEO Aurelie Beauvais added: “While recent years have seen a substantial uptake in Europe, there is potential for far more.
“Now, it is essential to simplify corporate sourcing by removing regulatory, financial and administrative barriers. The solar industry is ready to develop concrete proposals to contribute to Europe’s ambitious and necessary climate-neutrality goal.”