According to new figures, the world’s largest technology companies have fuelled a track rise in renewables marketed directly to international corporations the year before.
Due to a growing thirst for sustainable power, clean energy from renewables developers purchased by industries has increased three times in the two previous years. The most important renewable energy buyers to fuel their data hubs were software powerhouses, like Google, Facebook, Amazon, as well as Microsoft.
BloombergNEF has discovered that international companies have, in the last 12 years, acquired sufficient clean power to overshadow all energy output of states like Vietnam and Poland. According to the study, technology companies purchased approximately a quarter of renewable power sales the other year. The biggest consumer is Google, which announced last year’s proposals for the greatest contract in the history of renewables. Sundar Pichai, Google’s CEO, said 18 independent deals to provide wind and solar power to Google worldwide would form part of the clean energy contract.
The firm said the search engine would increase its green energy product portfolio by 40 percent, supplying the industry with an estimated 1,6 gigawatts of clean power, the equivalent of a million solar rooftops. BloombergNEF concluded that last year, 100 firms in 23 nations signed sustainable-energy deals with 19.5 Gw, up 40% from the previous year’s record.
These so-called Power Purchase Arrangements (PPAs), which make up some 10% of the total worldwide renewable power investments, are likely to be worth between 20 billion and 30 billion dollars (15 billion to 23 billion dollars).
The PPAs industry in North America has expanded rapidly, and most such transactions have been made, although there are more and more offers in Europe and Latin America.
“Clean power portfolios of some of the biggest corporate purchasers rival those of the world’s largest utilities,” says Kyle Harrison, the lead report’s author. For the year 2019 alone, nearly 400 businesses dedicated themselves to setting emissions priorities based on evidence, more than twice the cumulative number of companies to achieve such objectives. Sixty-three businesses have pledged to purchase sufficiently clean energy to satisfy 100% of their demand for energy.
Those environmental efforts are expected to generate almost $100 trillion in clean energy projects to develop 105 GW of fresh solar and wind energy technologies worldwide during the next decade, BNEF said.
Harrison said that such sustainability obligations would “make sure that corporate clean energy supplies are still flourishing,” but that legislators and investors ‘ support will be critical for their increased cleaner energy appetite.
“There are public utilities, politicians, and investors in the courtyard. These buyers need to be met in the middle, especially in developing corporate procurement markets, “he said.