Corporate sourcing of renewable energy: market and industry trends
More and more non-energy companies are voluntarily – and actively – procuring or investing in self-generation of renewable energy. Driven by sharp cost reductions, combined with growing calls for sustainability among investors and consumers, renewables have become an attractive source of energy for corporate users around the world. As the first global, comprehensive analysis of corporate sourcing of renewable electricity, this report from the International Renewable Energy Agency (IRENA) highlights the latest trends and provides recommendations to more fully exploit such potential. The analysis builds on data collected from IRENA’s member states, as well as from over 2 400 large corporate entities headquartered in more than 40 countries. Corporate sourcing of renewables is evident in about a third of the world’s countries. The findings indicate scope for companies to source more renewables, and for such efforts to boost overall deployment. While roughly one in five corporations has committed to renewable electricity targets, the opportunity exists to strengthen these targets and ambitions throughout the commercial and industrial sector.