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Fortune 500 Firms Embrace Clean Energy

AlamosaSolar

With over 500 dual-axis, pedestal mounted tracker assemblies, each producing 60 kW, the Alamosa Solar Generating Project is the largest high-concentrating solar photovoltaic power generation system in the world, 2014, Alamosa, Colorado (Photo by Dennis Schroeder / NREL) Public domain

By Sunny Lewis

WASHINGTON, DC, May 2, 2017 (Maximpact.com News) – A growing number of Fortune 500 companies are taking ambitious steps to slash their greenhouse gas emissions, buy more renewable energy and shrink their energy bills through energy efficiency, finds a new report from World Wildlife Fund, Ceres , Calvert Research and Management  and CDP, formerly the Carbon Disclosure Project.

Findings from the new report, “Power Forward 3.0: How the largest U.S. companies are capturing business value while addressing climate change,” are based on 2016 company disclosures to CDP, which holds the world’s largest collection of self-reported corporate environmental data, and other public sources.

“CDP and the investors we work with, representing over US$100 trillion in assets, engage thousands of the world’s largest companies to measure and manage climate-related risks” said Lance Pierce, president of CDP North America.

“Voluntary corporate disclosure highlights the compelling business case for corporate clean energy procurement and clearly demonstrates the transition underway in the energy markets,” said Pierce. “Companies in turn have benefited, identifying billions of dollars in savings and new opportunities through their disclosures to CDP.”

The numbers tell the story.

Sixty-three percent of the largest companies, the Fortune 100, have set at least one clean energy target.

Nearly half of Fortune 500 companies, 48 percent, have set at least one climate or clean energy target, up five percent from an earlier 2014 report.

A greenhouse gas reduction goal is the most common target, set by 211 companies.

Roughly 80,000 emission-reducing projects by the 190 Fortune 500 companies reporting data showed nearly $3.7 billion in savings in 2016 alone.

Many large companies are setting 100 percent renewable energy goals and science-based greenhouse gas reduction targets that align with the global goal of limiting global temperature rise to below two degrees Celsius set by the Paris Climate Agreement.

More than 20 Fortune 500 companies such as industry giants Wal-Mart, Bank of America, Google and Facebook, have committed to powering all corporate operations with 100 percent renewable energy, compared to only a few mega-companies just a few years ago.

Google announced in December that renewable energy will power 100 percent of its global operations in 2017, a year ahead of schedule. Nearly all of this renewable energy will come from wind power.

“American businesses are leading the transition to a clean economy because it’s smart business and it’s what their customers want,” said Marty Spitzer, World Wildlife Fund’s senior director of climate and renewable energy. “Clean energy is fueling economic opportunity from coast to coast without regard for party line. Washington policies may slow this boom, but these companies are making it very clear that a transition to a low-carbon economy is inevitable.”

American corporate giants are taking these steps despite the climate denial policies of President Donald Trump and his cabinet. Trump has threatened to pull the United States out of the Paris Climate Agreement, for which President Barack Obama was a leading voice. Adopted by consensus of 195 world governments in December 2015, the pact has been ratified by 144 countries and took effect on November 4, 2016.

Trump has appointed climate change deniers Scott Pruitt to head the Environmental Protection Agency and Rick Perry to head the Department of Energy. Pruitt last week ordered removal of all Obama-era climate change data from the EPA website, calling it “outdated.”

On March 28, Trump signed an executive order to dismantle President Barack Obama’s Clean Power Plan, which would have moved the nation away from burning coal and toward cleaner energy sources such as natural gas and renewables.

More than 200,000 people marched in the streets of Washington, DC on Saturday in protest of these moves and tens of thousands more took part in climate marches across the country.

But the large corporations are not embracing renewables and energy efficiency in response to Trump policies or to public condemnation of them. Instead, they are doing so to benefit their bottom lines.

The report highlights the financial benefits companies are receiving from their clean energy investments. The emission reductions from these efforts are equivalent to taking 45 coal-fired power plants offline every year.

The growth in the number and ambition of renewable energy commitments is mainly the result of recent sharp declines in renewable energy costs, which saves companies money, and of price certainty that comes with renewable energy, the report finds.

Praxair, IBM and Microsoft are among the companies saving tens of millions of dollars annually through their energy efficiency efforts.

“We are encouraged to see significant improvement in both the number of Fortune 500 companies setting climate and clean energy goals and the ambition of those goals – in particular commitments to setting science-based and 100 percent renewable energy targets,” said Anne Kelly, senior director of policy and the BICEP network at Ceres, a sustainability nonprofit organization based in Boston, Massachusetts.

“But in order to meet our national and global emissions goals, more companies will need to join the champions highlighted in this report, both in setting goals and in becoming vocal advocates for continued federal and state policies in support of climate and clean energy progress,” said Kelly.

Ten percent (53) of companies have set renewable energy targets, and almost half of those (23) have committed to power 100 percent of their operations with renewable energy – among those, Wal-Mart, General Motors, Bank of America, Google, Apple and Facebook.

“Corporate commitment to energy efficiency and renewable energy is an accelerating trend that illustrates broader recognition within the business community of the importance of clean energy and the financial benefits it can yield,” said Stu Dalheim, vice president of corporate shareholder engagement for Calvert.

“Many of the largest companies in the U.S. are achieving significant cost savings through clean energy programs and mitigating longer-term risks associated with energy price volatility,” he said.

Some of the strongest efforts are among Fortune 100 companies, with 63 percent adopting or retaining goals.

The report also shows strong improvement among the smallest 100 companies in the Fortune 500, with 44 percent setting goals in one or more categories, up 19 percentage points from the same group’s 2014 report, “Power Forward 2.0: How American Companies Are Setting Clean Energy Targets and Capturing Greater Business Value.

The report shows a spread in target setting among different sectors, with Consumer Staples (72%), Materials (66%), and Utilities (65%) sectors leading in setting clean energy goals and the Energy sector (11%), including oil & gas companies, lagging.

The report includes three key recommendations for companies, policymakers and investors to continue to scale clean energy efforts.

  •  Companies should continue to set, implement and communicate clean energy targets, while supporting local, state and national policies that make it easier to achieve their climate and energy commitments.
  •  Federal and state policymakers should establish clear, long-term low-carbon polices that will help companies meet their clean energy targets while helping the United States meet its carbon-reducing commitments under the Paris Climate Agreement.
  • Investors should consider allocating their investments to companies well-positioned for the low-carbon economy. Investors should continue to file shareholder resolutions and engage in dialogues with companies to encourage them to set climate and energy efficiency targets and position themselves for a low-carbon future.

Featured image : Wind turbines at the National Renewable Energy Lab facility in Golden, Colorado. (Photo courtesy NREL) Public domain

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Europe’s ‘Clean Energy Revolution’

solarpowertower

Gemasolar was the first commercial-scale plant in the world to apply central tower receiver and molten salt heat storage technology. The molten salt storage tank permits independent electrical generation for up to 15 hours without any solar feed. May 7, 2009, Seville, Spain. (Photo by Markel Redondo / Greenpeace)

By Sunny Lewis

BRUSSELS, Belgium, December 8, 2016 (Maximpact.com News) – To keep the EU competitive as renewables displace fossil fuels, shaking up global energy markets, the European Commission has proposed a new package of measures to “equip all European citizens and businesses with the means to make the most of the clean energy transition.”

The “Clean Energy for All Europeans” legislative proposals are designed to show that, as the Commission said, “the clean energy transition is the growth sector of the future – that’s where the smart money is.”

The measures are aimed at establishing the EU as a leader of the clean energy transition, not just a country that adapts to a renewable energy future as required by the 2015 Paris Agreement on Climate, which more than 100 nations have now formally joined.

In October 2014 the European Council, composed of the heads of state or government of the EU member states, agreed on the 2030 climate and energy policy framework for the EU.

That’s why the EU has committed to cut emissions of the greenhouse gas carbon dioxide (CO2) by at least 40 percent by 2030, less than 15 years away.

Europe is on the brink of a clean energy revolution,” said Commissioner for Climate Action and Energy Miguel Arias Cañete.

And just as we did in Paris, we can only get this right if we work together.

With these proposals, said Cañete, the Commission has cleared the way to a more competitive, modern and cleaner energy system. “Now,” he said, “we count on European Parliament and our Member States to make it a reality.”

If the new proposals become law, EU consumers of the future may have the possibility of producing and selling their own electricity, a better choice of supply, and access to reliable energy price comparison tools.

Increased transparency and better regulation give civil society more opportunities to become more involved in the energy system and respond to price signals.

The package also contains several measures aimed at protecting the most vulnerable consumers.

The EU is consolidating the enabling environment for the transition to a low carbon economy with a range of interacting policies and instruments reflected under the Energy Union Strategy, one of the 10 priorities of the Juncker Commission.

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Caption: Commission President Jean-Claude Juncker briefs the European Parliament, Oct. 26, 2016 (Photo © European Union 2016 – European Parliament”) Creative Commons license via Flickr.

In his State of the Union Address to the European Parliament, September 14, President Jean-Claude Juncker emphasized investment.

The €315 billion Investment Plan for Europe, which we agreed just 12 months ago, has already raised €116 billion in investments in its first year of operation. And now we will take it further,” said President Juncker, doubling down on the EU’s future.

We propose to double the duration of the Fund and double its financial capacity to provide a total of at least €500 billion of investments by 2020,” Juncker said.

The Commission has already offered CO2 reduction proposals. In 2015, the executive body proposed to reform the EU Emission Trading System to ensure the energy sector and energy intensive industries deliver the needed emissions reductions.

Last summer, the Commission proposed ways of accelerating the low-carbon transition in other key sectors of the European economy.

Today’s proposals present the key remaining pieces to fully implement the EU’s 2030 climate and energy framework on renewables and energy efficiency.

All the Energy Union related legislative proposals presented by the Commission in 2015 and 2016 need to be addressed as a priority by the European Parliament and Council.

Modernising the EU’s economy is key, said Vice-President for Energy Union Maroš Šefcovic. “Having led the global climate action in recent years,” he said, “Europe is now showing by example by creating the conditions for sustainable jobs, growth and investment.

Clean energies, in total, attracted global investment of over €300 billion in 2015, and the Commission sees opportunity for the EU in the clean energy wave of the near future.

By mobilising up to €177 billion of public and private investment a year from 2021, this package can generate up to one percent increase in GDP over the next decade and create 900,000 new jobs, the Commission said.

The Clean Energy for All Europeans legislative proposals cover energy efficiency, renewable energy, the design of the electricity market, security of electricity supply and governance rules for the Energy Union.

The Commission also proposes a new way forward for Ecodesign, the law that sets minimum mandatory requirements for the energy efficiency of household appliances, information and communication technologies and engineering.

The package includes actions to accelerate clean energy innovation, to renovate Europe’s buildings and a strategy for connected and automated mobility.

Commissioner Cañete said, “I’m particularly proud of the binding 30 percent energy efficiency target, as it will reduce our dependency on energy imports, create jobs and cut more emissions.

Our proposals provide a strong market pull for new technologies,” he said, “set the right conditions for investors, empower consumers, make energy markets work better and help us meet our climate targets.

Links to all documents in the Clean Energy package:


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