Quantcast
Environmental News for a Healthier Planet and Life

Why the World's Largest Companies are Investing in Renewable Energy

Energy
Why the World's Largest Companies are Investing in Renewable Energy

World Wildlife Fund

With discussions focusing on renewable energy at the World Future Energy Summit in Abu Dhabi this week, a recently-released report from Calvert Investments, Ceres and World Wildlife Fund (WWF) shows that most of the world’s largest companies aren’t waiting on governments to embrace renewable energy and lower emissions.

The report, Power Forward: Why the World’s Largest Companies are Investing in Renewable Energy, shows that a strong majority of Global 100 companies have set a greenhouse gas (GHG) emissions reduction commitment, a renewable energy commitment, or both.

“Nearly two-thirds of the largest global companies have committed to reduce emissions and increase their use of renewable energy. It’s more obvious than ever that businesses recognize that clean energy makes good business sense,” says Samantha Smith, head of WWF’s Global Climate and Energy Initiative. “They see value in diversifying their energy supply, securing long-term energy price certainty that protects them from volatile fossil fuel prices, and realizing large cost savings, particularly on energy efficiency investments.”

Through two dozen interviews with Fortune and Global 100 executives and analysis of public disclosures, the report finds that clean energy practices are becoming standard procedures for some of the largest and most profitable companies in the world. Among other key findings, the report shows that:

  • 102 companies from the combined 171 companies in the Fortune 100 and Global 100 have set GHG reduction goals (60 percent).
  • Of those, 24 companies have set specific goals for renewable energy use (14 percent), with others using renewable energy to meet their GHG goals.
  • Many companies are shifting from purchasing short-term, temporary Renewable Energy Credits (RECs) to longer-term investment strategies like Power Purchase Agreements (PPAs) and on-site projects, indicating a long-term commitment to renewable energy and reaping the benefits of reduced price volatility.

Visit EcoWatch’s RENEWABLES and ENERGY pages for more related news on this topic.

——–

Click here to tell Congress to Expedite Renewable Energy.

 

Google Earth's latest feature allows you to watch the climate change in four dimensions.

Read More Show Less
EcoWatch Daily Newsletter
Researchers say there's a growing epidemic of tap water distrust and disuse in the U.S. Teresa Short / Moment Open / Getty Images

By Asher Rosinger

Imagine seeing a news report about lead contamination in drinking water in a community that looks like yours. It might make you think twice about whether to drink your tap water or serve it to your kids – especially if you also have experienced tap water problems in the past.

Read More Show Less
Trending
A new report urges immediate climate action to control global warming. John W Banagan / Getty Images

A new report promoting urgent climate action in Australia has stirred debate for claiming that global temperatures will rise past 1.5 degrees Celsius in the next decade.

Read More Show Less
Winegrowers check vines during the burning of anti-frost candles in the Luneau-Papin wine vineyard in Le Landreau, near Nantes, western France, on April 12, 2021. SEBASTIEN SALOM-GOMIS / AFP via Getty Images

French winemakers are facing devastating grape loss from the worst frost in decades, preceded by unusually warm temperatures, highlighting the dangers to the sector posed by climate change.

Read More Show Less
A recent study focused on regions in Ethiopia, Africa's largest coffee-producing nation. Edwin Remsberg / Getty Images

Climate change could make it harder to find a good cup of coffee, new research finds. A changing climate might shrink suitable areas for specialty coffee production without adaptation, making coffee taste blander and impacting the livelihoods of small farms in the Global South.

Read More Show Less