Quantcast

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

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.

 

EcoWatch Daily Newsletter

Protesters march during a "Friday for future" youth demonstration in a street of Davos on Jan. 24 on the sideline of the World Economic Forum annual meeting. FABRICE COFFRINI / AFP / Getty Images

By Andrea Germanos

Youth climate activists marched through the streets of Davos, Switzerland Friday as the World Economic Forum wrapped up in a Fridays for Future demonstration underscoring their demand that the global elite act swiftly to tackle the climate emergency.

Read More
chuchart duangdaw / Moment / Getty Images

By Tim Radford

The year is less than four weeks old, but scientists already know that carbon dioxide emissions will continue to head upwards — as they have every year since measurements began leading to a continuation of the Earth's rising heat.

Read More
Sponsored
Lucy Lambriex / DigitalVision / Getty Images

By Katey Davidson

Each year, an estimated 600 million people worldwide experience a foodborne illness.

While there are many causes, a major and preventable one is cross-contamination.

Read More
picture alliance / dpa / F. Rumpenhorst

By Arthur Sullivan

When was the last time you traveled by plane? Various researchers say as little as between 5 and 10 percent of the global population fly in a given year.

Read More
A Starbucks barista prepares a drink at a Starbucks Coffee Shop location in New York. Ramin Talaie / Corbis via Getty Images

By Cathy Cassata

Are you getting your fill of Starbucks' new Almondmilk Honey Flat White, Oatmilk Honey Latte, and Coconutmilk Latte, but wondering just how healthy they are?

Read More