113 of the world’s most influential companies have already committed to 100% renewable electricity through joining the RE100 initiative. The number of RE100 members is growing fast and together these companies are creating an annual demand of more than 152 TWh renewable electricity, which is more than enough to power the entire New York State.
During the meeting, Sam focused on what it takes to become a RE100 member, as well as how current Norwegian members address the challenge of increasing their renewable energy use. The members of RE100 have all set goals, but their strategies vary in how they plan to reach their targets. Some 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 certainty and opt for using PPAs from renewable power plants. Companies wanting to make renewable consumption claims, must do so by documenting this using market based instruments such as 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 remove barriers to ensure that more companies have access to renewable energy at a reasonable price. The companies themselves are also able to influence policy.
RE100 members commit to renewable electricity in own operations but we will see a chain reaction when the big players start to push their own ambitions further down the value chain raising the bar for their suppliers by encouraging them to set the same ambitious renewable targets.
The purpose of the round table was to inspire Norwegian companies to raise their renewable energy ambitions and encourage them to join the RE100 initiative.