Big Oil And Big Tech Are Spending Billions On Renewable Energy

Good News Notes:

Given the option, most Americans would not only prefer to choose their own utility companies but also have more of the energy that powers their homes coming from clean energy sources. That’s according to a Consumer Report survey where 81% of respondents agreed that reducing pollution from power plants is a worthwhile goal. It’s a decision that’s not entirely in their hands, though, since only 50% of Americans have the option to purchase renewable energy directly from their power suppliers though everybody has the option to purchase renewable energy certificates (RECs). Corporates’ relationship with renewable energy might not be as straightforward. For many companies, the cost of climate change, not a change of heart, could be what has been forcing them to restrategize and reduce carbon footprints or think about reducing fossil fuel consumption.

Nevertheless, corporate organizations have emerged among the biggest buyers of renewable energy.

According to a Bloomberg New Energy Finance (BNEF) report, global corporations have been striking a record number of clean energy power purchase agreements, or PPAs. In 2019, corporations purchased 19.5 gigawatts of clean power through long-term contracts, marking an impressive 40% Y/Y increase. Indeed, over the past three years, companies have quickly ramped up their clean energy purchases from 4.3GW in 2016.

When it comes to which corners of the corporate world have been buying the most renewable energy, well, there are no surprises here as Big Tech easily takes the cake. “

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