Commercial, Sourcing Renewables - January 28, 2020
U.S. companies had record year for clean energy contracts, BNEF finds
Corporations in the United States purchased a total of 19.5 GW of clean energy contracts in 2019, up more than 40% than last year’s record and setting a new record, 80% of which were under the VPPA model.
BloombergNEF published its 1H 2020 Corporate Energy Market Outlook Jan. 28, which included data showing that more than 100 companies signed these PPAs in 23 different countries. In 2018, the total was 13.6 GW of clean energy.
Leaders in the report include Google, who signed more than 2.7 GW of contracts; Facebook, with 1.1 GW; Amazon, with 0.9 GW; and Microsoft, with 0.8 GW in 2019.
Additionally, a growing number of oil and gas companies signed clean energy contracts in 2019, including Occidental Petroleum, Chevron and Energy Transfer Partners, joining the ranks of ExxonMobil, who signed two PPAs totally 575 MW at the end of 2018.
“The clean energy portfolios of some of the largest corporate buyers rival those of the world’s biggest utilities, Kyle Harrison, a sustainability analyst at BNEF and the lead author of the report, said in a statement. “These companies are facing mounting pressure from investors to decarbonize – clean energy contracts serve as a way to diversify energy spend and reduce susceptibility to the tangible risks associated with climate change.”
The report also found that nearly 400 companies around the world set sustainability commitments in 2019, and 63 set ‘RE100’ targets, pledging to offset 100% of electricity with clean energy. BNEF estimates that the 221 current RE100 members will need to purchase an additional 210TWh of clean electricity in 2030 to meet their targets.
Share this valuable information with your colleagues using the buttons below:« Back to News
- Amazon, Meta Top List of Energy Customers
- SED's WISE Award Winners Announced
- Weekend Reads: The EV Race Speeds Up; Germany Trades LNG For Green Hydrogen
- Weekend Reads: Breaking the EU Free From Russian Energy; The Truth About Airline Climate Offsets
- Weekend Reads: Auto Giants Call for EV Battery Development; Harnessing Solar Power from Space
- Rivian Invests in Wind Turbine
- Lessons from the Front Line: Principles and Recommendations for Large-scale and Distributed Energy Interconnection Reforms
- NRG releases 12th annual sustainability report highlighting consistent actions that drive stakeholder value
- In Setting Corporate Climate Goals, Credibility is Key
- Better Buildings Progress Report 2022
- Extreme Weather & Power Supply Preparedness