How do your sustainability targets stack up?

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2020 marked the beginning of the climate decade – ten years to cut greenhouse gas (GH) emissions in half and achieve net zero by 2050. With companies striving to reach ambitious targets and a growing energy demand, many turn to power as part of their sustainability strategy. 

Over 260 multinational companies have committed to 100 percent renewable power through the RE100. Members include corporations like Bank of America, Google, Nestle, AstraZeneca and P&G. Roughly one in five corporations have renewable energy targets and it’s not too late to join them. 

Corporate energy buying decisions move the market

Despite pandemic challenges and financial constraints, demand for renewable energy continues to rise in the race to accelerate the clean energy transition. Companies in the Commercial & Industrial sector account for about two thirds of the world’s end-use of electricity, and their buying decisions influence others in their industries.

Information Technology

Manufacturing

Heavy industrial processes like mining, metals, chemicals and pulp for paper consume the most electricity. Since operations require so much power, becoming more sustainable often starts with shifting from crude oil or coal to electricity from cleaner sources. Some industrial manufacturers want to electrify almost 40 percent of their fleet by 2035. Renewable energy can also make production processes cleaner and more efficient. In addition to environmental considerations, electrification is being driven by social and governance measures, more investor awareness and cost savings. 

Consumer Staples

According to an IBM and National Retail Foundation study, nearly 70 percent of consumers in the U.S. and Canada think it’s important that a brand is sustainable or eco-friendly. With these strong attitudes, it’s no surprise that retail and consumer staples are prioritizing renewable energy.  Walmart ranks in the top six of large U.S. energy buyers with a robust plan to eliminate Scope 3 GHG emissions from their supply chains and Target wants to install rooftop solar panels on 500 buildings and be 100 percent renewable overall by 2020. 

Health Services

Progress matters & energy partners play a pivotal role

RE100’s most recent Annual Report found that 2028 is the average target date for members to achieve 100 percent renewable electricity. Even without policy changes and regulatory requirements, organizations are working to integrate more renewable energy. Forty-four percent of RE100 members are now engaging suppliers to hit their targets through buying reliable and affordable clean electricity. 

However, the quest to become more sustainable goes beyond supply and should include credible, experienced partners. 

Energy Strategists recommend renewable solutions that fit your business needs and serve as a source of information and support. They help build renewable energy solutions into your company’s sustainability plan to maximize the positive impacts for you and your business.

Renewable energy offers several co-benefits

Beyond the altruistic aspect of reducing emissions, renewable energy offers several competitive advantages. 

Renewable energy and efficiency solutions can:

• Lower energy bills, deliver cost savings and create better cost stability 
• Manage risk by increasing resilience against regulation and price volatility 
• Help attract and retain employees who want to work for a socially responsible company 
• Fulfill customer expectations and retain customers 
• Meet investor standards for sustainable investing 

Clean energy has the win-win potential to make your business more competitive and make a positive environmental impact. Explore how you can leverage renewable solutions to benefit your business and create a better future.

Posted: January 08, 2021