RE100 on the Rise
Did you know Europe and North Africa could run on 100% renewable energy by 2050? As foreign nations continue to invest in renewable energy, the U.S. should also make it a top priority. Today, there are over 130 corporations that have made the commitment to go 100% renewable through the RE100 initiative. Tetra Pak has jumped on board with the RE100 initiative to reach 100 percent renewable energy. As a multinational packing giant, Tetra Pak has a massive impact on the environment.
Tetra Pak explained that their renewable energy has grown from 20 percent in 2016 to 50 percent today. Tetra Pak, which specializes in providing high-quality processing and packaging solutions for food, has factories in Sweden, Denmark, Finland and South Africa that all use 100% renewable energy. They have committed to going 100% renewable by 2030 and have progressed towards this goal by installing solar power infrastructure at their facilities and purchasing International Renewable Energy Certificates. This approach is in line with their mission to maintain a commitment to being socially responsible.
Tetra Pak’s vice president for sustainability, Mario Abreu, stated, “Through the purchase of renewable energy certificates, we are investing in the development of infrastructure to increase the availability of renewable electricity. Meanwhile, we are also exploring opportunities to scale up our own on-site solar power installations.”
What is an International Renewable Energy Certificate (I-REC)?
An International Renewable Energy Certificate keeps track of the energy that companies consume outside of North America and Europe to ensure that it comes from renewable energy sources. This is a global standard that is being introduced around the world, and in countries where nothing like this previously existed. This is a way for companies to reduce their greenhouse gas emissions and improve their sustainability ratings across the board.
Embracing Renewable Energy
Several global companies are investing time and money into reducing their carbon footprint. RE100 is a collaborative global initiative of influential businesses committed to 100% renewable electricity that unites more than 130 corporations working to increase corporate demand for – and the delivery of- renewable energy. Ikea, Apple, Coca-Cola, eBay and Facebook are among many of the companies that are a part of this initiative. Since the initiative has been launched, it is now being recognized in India, China, the United States and Europe.
The move towards 100% renewable energy is now a global effort. Intersect Advisers, offers innovative and efficient solutions to help move your company towards a renewable energy future. We are committed to providing analysis, financing and structuring of alternative energy solutions to reduce the environmental impact and maximize savings for companies. Stay up-to-date with all the happenings at Intersect Energy by following us on LinkedIn!
Over the last year, renewable energy usage has become a pressing issue for corporations nationwide. On June 1, 2017 the Trump Administration announced that the U.S. would be backing out of the Paris climate agreement. This agreement was intended to strengthen the global response to the threat of climate change and increase their ability to deal with the effects of climate change.
In spite of the decision by the Trump Administration, many U.S. corporations have continued to follow the Paris Agreement by investing billions of dollars in wind and solar sources to power the operations of their companies. Malcolm Wolf, the senior vice president for policy at Advanced Energy Economy, explained: “Corporations have not slowed down their appetite for renewables under Trump – if anything, it has continued to grow.”
The Growth of Corporate Renewable Energy
Renewable energy is growing rapidly and becoming more cost effective for corporations due to the decrease in wind and solar prices. According to a report by the International Renewable Energy Agency (IRENA), the cost of renewable energy is falling so fast that the prices of fossil fuels and renewable energy will be similar by 2020, and it should be cheaper than fossil fuels within the next couple of years.
Christiana Figueres, the former UN climate chief who delivered the Paris agreement, said: “The economic case for renewables as the backbone of our global energy system is increasingly clear and proven. Offering ever greater bang-for-buck, renewables are quite simply the cheapest way to generate energy in an ever-growing number of countries.” It makes financial sense for corporations to switch over to renewable energy.
Google and Apple are two of the top companies leading the way in renewable energy. In recent months, both companies have announced that they have purchased an amount of renewable electricity that could power all of their data centers and facilities around the globe. Although Google and Apple are not 100% powered by renewable energy, the advancements that they have made in recent years are definitely a huge step forward.
Future of Corporate Renewable Energy
Although the U.S. is no longer involved in the Paris Agreement, U.S. corporations are striving to increase renewable energy, and they play an extremely important role in the future of renewable energy.
These companies are transforming America’s grid by introducing a new era of low-carbon power. Intersect Energy is committed to providing analysis, financing and structuring of alternative energy solutions to reduce the environmental impact and maximize savings for companies. In turn, this helps move the country towards an alternative energy future. Stay up-to-date with all the happenings at Intersect Energy by following us on LinkedIn.
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