Nearly half of biggest US firms set clean energy targets

Nearly half of biggest US firms set clean energy targets

A report compiled by a host of sustainable investors and environmental groups has found that 48% of the biggest companies in the US have established corporate clean energy targets.

The report, which featured an input from the World Wildlife Fund (WWF), also found that 44% of the smallest members of the Fortune 500 have made similar goals, up from 25% in 2014.

This increased corporate focus on renewable energy has not only centred on environmentally friendly choices, but also cost-effective measures.

Around 190 Fortune 500 companies collectively made annual savings of about US$3.7 billion by using renewable energy, according to a report by WWF, Ceres, Calvert Research & Management and CDP.

Marty Spitzer, a WWF senior director of climate and renewable energy said: “We’re not talking about anecdotal information anymore. We’re talking about large, large savings.”

Sustainability goals and potential savings encouraged businesses to buy almost 3.7GW of clean energy in 2015, followed by another 2.5GW last year.

Amongst the biggest investors in renewable energy are technology firms, with Google, Apple and Facebook all jockeying to become the first company to reach a 100% clean energy goal.