IRENA: Global companies procured 465TWh of renewable electricity in 2017

In 2017, companies from 75 different countries around the world received a total of 465 terawatt-hours (TWh) of renewable electricity, according to a new report by the International Renewable Energy Agency (IRENA), highlighting the company's continued interest and support
for renewable electricity procurement.

The latest report of the International Renewable Energy Agency, Corporate Renewable Energy Procurement: Market and Industry Trends, is the world's first comprehensive analysis of corporate procurement of renewable electricity and highlights one of the main drivers of renewable energy development – long-term power purchase agreements (PPAs).

The report, which is based on IRENA's existing database and more than 2,400 large companies headquartered in more than 40 countries, shows that nearly a third of the world's countries are sourcing renewable electricity
.

"Renewable energy procurement has become a mainstream pillar of business strategy in recent years," said
Adnan Z.
Amin, director general of IRENA.
"While environmental concerns have triggered this growth trend, the enhanced business case and price stability provided by renewable energy can give businesses a competitive advantage and support sustainable growth
.
"

The report shows that not only are many companies sourcing renewable energy, but corporate sourcing of renewable energy is a key factor
in the global transition to a low-carbon economy.
The report highlights three main drivers of corporate procurement itself: environmental and sustainability issues, social responsibility and reputation management, and economic and financial objectives
.
However, it's worth noting that another key driver when well-known companies such as Apple and Google adopt the procurement of renewable electricity is stable, long-term electricity prices
.

IRENA's report shows that more than 200 of the companies participating in its study derive at least half of their electricity from renewables, and more than 50 now get 100% electricity
from renewables.

Adnan Z.
Amin continues, "Corporations are responsible for about two-thirds of the world's final electricity demand, making them central and key players
in the energy transition.
As governments around the world recognize this enormous potential, policies that promote and encourage procurement by companies inside and outside the power sector will inject more of the needed investment
into renewable energy.
”

Some of the data for the report is provided by the Climate Group RE100 initiative, in conjunction with CDP, which works to support and advance corporate 100% renewable energy targets
.
RE100 already has 134 companies from around the world committing to achieve the goal
of 100% renewable energy supply through this program.
Vodafone and data storage giant Iron Mountain
were added just this week.

Helen Clarkson, CEO of The Climate Group, said: "The Climate Group is pushing businesses to raise their ambitions and accelerate the adoption and procurement of 100% renewable electricity
.
This is critical
to achieving the Paris Agreement's goal of greenhouse gas warming of less than 2 degrees.
Corporate sourcing of renewable energy will become a growing global trend and we will continue to drive this growth
.
”