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According to a new report by the International Renewable Energy Agency (Irena), companies in 75 countries actively procured a cumulative 465 terawatt hours (TWh) of renewable energy in 2017, which is close to France's
overall electricity demand.
According to the report, environmental and sustainability issues, social responsibility and reputation management, and economic and financial goals are the top three drivers for businesses to procure renewable electricity
.
Adnan Z Amin, Director of Irena, said: "Renewable electricity procurement has become a mainstream pillar
of business strategy in recent years.
While environmental concerns have triggered this growing trend, the enhanced business case and price stability provided by renewable energy can give businesses a competitive advantage and support sustainable growth
.
”
The findings of the report, released today (May 24) at the 9th Clean Energy Ministers' Conference in Copenhagen, show that half of the 2,400 large companies analysed are actively purchasing or investing in businesses
that produce renewable electricity on their own.
Of the companies studied, more than 200 get at least half of their electricity
from renewable sources.
Self-production of electricity is the most common procurement model, followed by unbundled energy attribute certificates (EAC) and power purchase agreements (PPAs).
"Companies are responsible for about two-thirds of the world's final electricity demand, making them central and key players in the energy transition," Adnan Z Amin continued, "As governments around the world recognize this huge potential, policy development that promotes and encourages corporate procurement within and outside the power sector will inject more needed investment into renewable energy
.
" ”
The report also found that corporate sourcing trends are broad and dynamic, with companies participating in the practice coming from a variety of industries
.
By volume, the majority of renewable electricity consumption is in the materials sector, while the highest share of renewable electricity consumption is found in the financial sector (24%) and the information technology sector (12%)
.
Countries in Europe and North America continue to account for the majority of corporate purchases
.
The report predicts that global corporate demand for renewable electricity will increase to more than 2,150 TWh by 2030 and more than
3,800 TWh by 2050.
But only 17% of the companies analyzed in the report have renewable electricity targets
.
75% of these targets will expire before 2020, providing a significant opportunity for companies to develop new medium- to long-term renewable energy strategies and targets that are factors for
improving renewable energy technologies and reducing costs.
According to a new report by the International Renewable Energy Agency (Irena), companies in 75 countries actively procured a cumulative 465 terawatt hours (TWh) of renewable energy in 2017, which is close to France's
overall electricity demand.
According to the report, environmental and sustainability issues, social responsibility and reputation management, and economic and financial goals are the top three drivers for businesses to procure renewable electricity
.
Adnan Z Amin, Director of Irena, said: "Renewable electricity procurement has become a mainstream pillar
of business strategy in recent years.
While environmental concerns have triggered this growing trend, the enhanced business case and price stability provided by renewable energy can give businesses a competitive advantage and support sustainable growth
.
”
The findings of the report, released today (May 24) at the 9th Clean Energy Ministers' Conference in Copenhagen, show that half of the 2,400 large companies analysed are actively purchasing or investing in businesses
that produce renewable electricity on their own.
Of the companies studied, more than 200 get at least half of their electricity
from renewable sources.
Self-production of electricity is the most common procurement model, followed by unbundled energy attribute certificates (EAC) and power purchase agreements (PPAs).
"Companies are responsible for about two-thirds of the world's final electricity demand, making them central and key players in the energy transition," Adnan Z Amin continued, "As governments around the world recognize this huge potential, policy development that promotes and encourages corporate procurement within and outside the power sector will inject more needed investment into renewable energy
.
" ”
The report also found that corporate sourcing trends are broad and dynamic, with companies participating in the practice coming from a variety of industries
.
By volume, the majority of renewable electricity consumption is in the materials sector, while the highest share of renewable electricity consumption is found in the financial sector (24%) and the information technology sector (12%)
.
Countries in Europe and North America continue to account for the majority of corporate purchases
.
The report predicts that global corporate demand for renewable electricity will increase to more than 2,150 TWh by 2030 and more than
3,800 TWh by 2050.
But only 17% of the companies analyzed in the report have renewable electricity targets
.
75% of these targets will expire before 2020, providing a significant opportunity for companies to develop new medium- to long-term renewable energy strategies and targets that are factors for
improving renewable energy technologies and reducing costs.
