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The Actuary The magazine of the Institute & Faculty of Actuaries

Three firms join global initiative to achieve 100% renewable electricity

Corporate sourcing of renewable electricity is soaring as three new companies join a collaborative global initiative committed to increasing demand for green energy.

Commitment to climate action 'really encouraging' ©Shutterstock
Commitment to climate action 'really encouraging' ©Shutterstock

Led by The Climate Group, RE100 is a group of some of the world’s most influential companies committed to 100% renewable power, with Gatwick Airport Limited, Danske Bank Group and Royal Philips its latest members.

There are now 87 firms involved in the campaign, currently creating demand for approximately 107TWh of renewable power annually – around the same amount of electricity consumed by the Netherlands in a year.

The Climate Group acting CEO Damian Ryan, 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.”

The groups’ RE100 Annual Report, released to coincide with the World Economic Forum Annual Meeting in Davos, found that almost all of electricity usage reported by members in Europe is from renewables.

In the US around half of electricity being consumed by members is from renewables, while in China it is almost a quarter, and approximately a tenth in India.

It was also found that 11 members had already achieved 100% renewable energy usage by 2015, with telecommunication services the closest sector to reaching that target.

The global electricity consumption (TWh) for RE100 members  by sector is:

Source: RE100
Source: RE100

Speaking from Davos, CDP CEO, Paul Simpson, said: “From the US to China, the global energy landscape is transforming before our eyes. The RE100 report shows this change is in no small part thanks to an increasing number of corporations demanding renewable energy.

“This powerful market signal should embolden investors to shift capital and spur policy makers to ensure an enabling environment to meet the growing appetite for renewable power.”