May 3, 2017

Two Stories of Change: Corporations Accelerating Renewables and Climate Commitments

By Edison Energy

Two recent stories – one in The New York Times and the other on National Public Radio – and the newly-updated Power Forward 3.0 report echo the same message: Corporate America is accelerating its efforts to add renewables and lower its carbon emissions despite the Trump administration’s attempts to roll back environmental protections. As of this writing:

  • 48 percent of Fortune 500 companies have climate and clean energy goals.
  • 90 companies are participating in the RE100, committing to secure 100 percent of their global electricity from renewables. Several RE100 companies are active Altenex clients.
  • 210 companies – including 10 of the Fortune 500 – have set or have committed to set emissions reduction targets through the Science Based Targets initiative, and 72 additional Fortune 500 companies have reported to CDP and/or the Science Based Targets initiative that they intend to set such a target within two years.

These commitments and the implementation activities that serve them are changing the U.S. electricity generation landscape. The Federal Energy Regulatory Commission (FERC) found that in 2016 renewable energy sources – biomass, waste heat, solar and wind power – comprised over 60 percent of the 26 gigawatts of new power generating capacity added throughout the U.S.

As corporate renewables interest continues to grow, the market will need to innovate new solutions to better meet companies’ requirements around contract length, offtake size, and more. Altenex specifically designed its new PowerBloks™ Power Purchase Agreement (PPA), which offers energy users renewable energy in 10-year, 10-megawatt (MW) contracts. PowerBloks expands the number of U.S. organizations that can manage costs and risks via renewable energy.

I like what Carl Pope, former chairman of The Sierra Club, said in the NPR story. He and former New York Mayor Michael Bloomberg were interviewed and are co-authors of the new book, Climate of Hope.

“The reality is market forces, popular demand, [and] public sentiment are driving the United States towards a climate-friendly economic future and a more prosperous economic future. And there really isn’t anything that a presidential administration can do to reverse that fact.”