RE100 is a global initiative of over 260 influential corporates committed to 100% renewable electricity. Major businesses can join the RE100 initiative organised by The Climate Group and CDP. RE100 companies make a commitment to go ‘100% renewable’ and set a public goal to procure 100% of their electricity from renewable sources by a specified year, but their strategies vary in how they plan to reach their targets.
Some companies are in position to take a long-term industrial approach and provide capital and resources to build new off-site generation. Others are looking for long-term price hedging and opt for signing PPAs from renewable power plants. Regardless of the chosen solution, Energy Attribute Certificates (EACs) must be cancelled to document renewable consumption claims. For most companies buying unbundled EACs is the only available and accessible solution to reach the renewable goals. Global EAC solutions for renewable claims are primarily; Guarantees of Origin (GOs) in Europe, RECs in North America and International RECs (I-RECs) in a growing number of countries in Asia, Latin America and Africa.
RE100 is working to massively increase demand for – and delivery of – renewable energy. Almost 300 multinational businesses with a combined revenue of US$6.6 trillion is now driving climate action on renewable power, electric transport, and smarter energy use in more than 140 markets worldwide. RE100 members are collectively creating demand for 281 terawatt hours per year in renewable electricity – enough to power a G20 country (e.g. Australia (247.6 TWh/yr).
BloombergNEF estimates suggest RE100 companies will need to invest over US$98 billion in clean energy to meet their RE100 goals – a vast source of finance for rebuilding a green economy.
The member companies disclose their environmental data annually through CDP and RE100. The emissions associated with purchased electricity are categorized as “Scope 2” in the Greenhouse Gas Protocol. RE100 published a technical briefing, showing companies how to accurately describe their usage and procurement of renewable electricity.
RE100 members commit to renewable electricity in own operations, but a chain reaction is expected as the RE100 members start to push their ambitions further, raising the bar for their suppliers by encouraging them to set the same ambitious renewable targets.
Companies increasingly purchase renewable electricity to claim the use of zero-emissions electricity and thereby reduce their carbon footprint.
Contact us for more information about renewable electricity procurement options adherent to good practices around the world or guidance on choosing, implementing and documenting renewable electricity consumption.