Companies in 75 countries actively sourced 465 terawatt hours (TWh) of renewable energy in 2017, an amount close to the overall electricity demand of France, according to a new report from the International Renewable Energy Agency (IRENA).
The study, ‘Corporate Sourcing of Renewables: Market and Industry Trends’, found that half of over 2400 large companies analysed are voluntarily and actively procuring or investing in self-generation of renewable electricity for their operations.
IRENA director-general Adnan Amin said: “Renewable energy sourcing has become a mainstream pillar of business strategy in recent years.
“While environmental concerns initiated this growing trend, the strengthening business case and price stability offered by renewables can deliver a competitive advantage to corporations, and support sustainable growth.”
Countries in Europe and North America continue to account for the bulk of corporate sourcing.
By volume, the majority of renewable electricity was consumed in the materials sector while the highest shares of renewable electricity consumption are found in the financial (24%) and information technology (12%) sectors.
However, only 17% of the companies analysed in the report, presented today at the Ninth Clean Energy Ministerial in Copenhagen, have a renewable electricity target in place. Three-quarters of those targets will expire before 2020.
This, said IRENA, “represents a significant opportunity for corporates to develop new medium to long-term renewable energy strategies and targets that factor in improvements in renewable energy technology and cost decline”.
Image: SXC
Renewables fuel corporate agenda
By EBS