Unmet Renewable Energy Demand Requires Market Shift
Washington DC: Seeking to increase availability of cost-competitive renewable energy to run their businesses, 12 leading companies today signed the Renewable Energy Buyers’ Principles to address the issue of Unmet Renewable Energy Demand. This will better communicate their purchasing needs and expectations to the marketplace.
Photo Source: With a combined renewable energy target of 8.4 million megawatt hours (MWh) per year through 2020, the 12 participating companies are seeking a market shift to achieve their sustainable energy goals.
© WWF-Canon / Chris Martin BAHR
The companies – Bloomberg, Facebook, General Motors, Hewlett-Packard, Intel, Johnson & Johnson, Mars, Novelis, Procter and Gamble, REI, Sprint, and Walmart – are hoping the principles will open up new opportunities for collaboration with utilities and energy suppliers. As a result, this could increase their ability to buy renewable energy.
With a combined renewable energy target of 8.4 million megawatt hours (MWh) per year through 2020, the 12 participating companies are seeking a market shift to achieve their sustainable energy goals. This ambitious target definitely reflects a strong commitment to reducing carbon emissions and fostering a cleaner environment. Collaborating on innovative technologies and sharing best practices, these companies aim to lead the industry towards a more sustainable future. All the while also influencing policy frameworks that support renewable energy initiatives. As they work together, contribute to global energy transformation. Yet, they also promote economic growth and job creation in the renewable sector. This will ultimately set a benchmark for other organizations to follow.
For the entire release from the WWF
Green Energy Buyers’ Principles
Large-scale buyers often navigate traditional utilities to purchase renewables at competitive prices. This task proves challenging in today’s dynamic energy market. Consequently, it increases complexity and raises transaction costs. Such hurdles deter companies from investing significantly in renewable energy. WWF-US and the World Resources Institute (WRI) recognize these challenges. They see the urgent need for clearer, more accessible guidelines. Thus, they convene leading companies from various sectors. Together, they develop the Buyers’ Principles. These principles offer best practices to streamline renewable energy procurement. They empower large buyers to navigate the energy landscape more effectively. This initiative crucially aligns corporate sustainability goals with the realities of sourcing renewable energy.
“Furthermore, these companies are leading the market in creating demand for renewable energy, thus setting a powerful example for others to follow. Additionally, the Buyers’ Principles provide sound guidance to the market providers, ensuring that they align their offerings with the evolving needs of environmentally conscious consumers. This was stated by Suzanne Apple, who is the senior vice president for private sector engagement for WWF.
Large Companies Want More
Moreover, some of America’s largest companies embrace renewable energy. They are driven by ethical considerations and long-term economic benefits. Consequently, their collective demand for sustainable energy solutions sparks innovation. It also requires the market to keep pace. This ultimately pushes for advancements in technology and infrastructure. All these efforts support a greener future. As a result, more corporations commit to reducing their carbon footprint. Thus, we witness a transformative shift. This change affects how energy is produced and consumed across the nation.
