Approaching the tipping point: how corporate users are redefining global electricity markets
A rapidly growing group of ambitious multinational businesses are actively reshaping the energy market through their global investment decisions and accelerating a zero emissions economy, a new report shows. ‘Approaching the tipping point: how corporate users are redefining global electricity markets’, a new report from RE100 – a global corporate leadership initiative led by The Climate Group in partnership with CDP – tracks progress made in 2016-17 by companies committed to 100% renewable power. The report also provides insight into emerging trends in corporate sourcing of renewables around the world, with 122 RE100 members operating in 122 countries averaging 1.3 times more renewables in their electricity mix than the global rate of renewable electricity use. Thanks to falling costs of renewable energy technology, there is a notable shift away from renewable energy attribute certificates towards direct contracts with suppliers, as well as onsite generation and offsite grid-connected generators (power purchase agreements, or PPAs) – meaning that increasingly, members are directly growing renewable energy capacity.