Corporate sourcing of renewable energy can be a major driver of the transition to a robust, zero-emissions economy, said a report released to coincide with the World Economic Forum Annual Meeting in Davos.

The report, by RE100, a global, collaborative initiative of the influential companies committed to 100% renewable power, highlights the speed of the corporate transition to cleaner energy.

Many RE100 members have set an end goal for achieving 100% renewable electricity before 2024, and 11 members already achieved 100% renewable electricity prior to 2015 – sending a clear market signal to governments and investors around the world that growing demand for renewable energy must be met sooner rather than later.

Based on the latest available electricity consumption data (2015) from RE100 members, other findings in report are:

 

• Around a tenth of RE100 electricity use being reported in India is from renewables (0.1 TWh in 2015, with Power Purchasing Agreements (PPAs) being the most popular approach that year, followed by on-site generation).

• Member companies (87 and growing) are now creating demand for approximately 107 TWh of renewable power annually; around the same amount of electricity as consumed by The Netherlands*.

• Members making fastest progress towards their 100% renewable electricity targets include Goldman Sachs, which jumped from 14% renewable electricity in 2014 to 86% in 2015; Elopak, which went from 18% to 86% renewable during the same year; and H&M, which went from 27% to 78%.

• Within the membership, Telecommunication Services is the closest sector to reaching 100% renewable electricity (97% in 2015).

• Nearly a quarter of the electricity usage reported by members in China is from renewables (0.4 TWh in 2015, with unbundled renewable energy attribute certificate purchases being the most popular approach that year).

• Of the 34 RE100 members reporting the use of self-generation on-site at their facilities, wind and solar PV were by far the most popular technologies.

Damian Ryan, acting CEO of The Climate Group said: “It is really encouraging to see that more companies than ever are committing to bold climate action, helping us move towards a net zero-emissions economy. But we need to see faster progress. In order to deliver on the Paris Agreement and keep global warming well below two degrees, we need governments to remove policy barriers and create investment incentives that can provide easier access to renewable energy. And we need more business leaders to influence the usage of renewable power right along their supply chains.”