Climate Group and CDP report reveals corporate progress in RE100 initiative

Multilateral corporations are making progress towards their 100% renewable energy commitments under the RE100 initiative, revealed a fresh report by The Climate Group and CDP.

The most notable finding from the report, titled ‘Approaching A Tipping Point: how corporate users are redefining global electricity markets’, was that by the end of 2016 25 RE100 members had reached their 100% renewable energy targets.

These companies included Autodesk, Elopak, Interface, Marks and Spencers and Sky. Other significant achievers in 2016 were Bank of America, Astra Zeneca, and Coca Cola Enterprises.

The RE100 initiative was established in 2014 by the two UK-based organisations to bring together the world’s biggest corporations in a commitment to using 100% renewable energy across their operations.

Further encouraging trends in global corporate attitudes to renewable energy usage were highlighted in the publication. More members are opting to grow direct renewable energy capacity as opposed to renewable energy certificates (REC).

The report said that companies are increasingly favouring direct contracts (PPAs) with suppliers, onsite generation, and offsite grid-connected generators instead of RECs.

Furthermore 88% of the companies claimed that economics provided a major driver for their transition towards renewable energy, with 30 out of 74 reporting that renewables were cost competitive or cost-saving.