A host of high profile companies such as Aviva, IKEA and Google that have committed to switching all their electricity to renewable sources as part of the RE100 campaign are on average half way to achieving their ambitious target.
The RE100 annual report released yesterday by CDP and The Climate Group reveals those firms signed up to the goal are making rapid progress, according to the latest available data from 2014.
Under the scheme firms announce plans to source 100 per cent renewable power with many of the signatories also announcing a target date for meeing the goal. The report said some firms have already achieved the target, while the group of 53 businesses is expected to be sourcing an average of 80 per cent of its power from renewables by 80 per cent by 2020.
Firms in every sector have made progress to the target, according to Emily Farnworth, RE100 campaign director at The Climate Group. "The companies that have been able to make the switch more easily are those with smaller power requirements operating mainly in the US or Europe - where renewable electricity options are most readily accessible," she said in a statement.
The report said ICT firms are closest to reaching the 100 per cent goal, sourcing on average 64 per cent of their electricity from renewables, while retail brands have switched the largest amount of electricity - more than 10,000,000 MWh in 2014. Food and drink firms are lagging behind, with an average of just 23 per cent renewable electricity, while clothing companies are averaging 36 per cent.
The report reveals the different strategies each sector is using to hit the target. Retail brands are tending towards working with suppliers to clean up supply chains and making direct investments in clean energy projects such as wind and solar farms, while ICT companies are using power purchase agreements (PPAs) to directly source renewable energy for new data centres.
Over the course of 2016 RE100 said it would work with the Rocky Mountain Business Renewables Centre to explore the possibilities of aggregating demand for clean power to secure cheaper rates for RE100 members.
It also said it plans to raise the profile of the campaign among companies in India and China, as their access to renewable energy improves.
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