Top Companies Target 100% Renewable Energy: 52% of Executives Expect Half of their Offerings Achieve Low Carbon by 2028

Posted by: YijunW

According to an article written by Dexter Galvin, a global director of corporations & supply chains at CDP, there is a growing number of companies setting science-based targets to reduce greenhouse gas (GHG) emissions and align with the Paris Agreement. Achieving the Paris targets is driving more and more corporations to achieve low carbon production. A July 2018 study by YouGov and the Science-Based Targets initiative has found that more than half of surveyed executives (52%) expect at least 50% of their products and services to be low carbon by 2028. Among the surveyed respondents, nearly 1 in 5 (19%) predict their products will reach almost 100% low carbon in ten years. The study surveyed 185 respondents, who were from companies that have set science-based targets across 37 countries, including Dutch telecom company KPN, retailer Lidl Belgium, Japanese building materials manufacturer LIXIL Group, American logistics real estate company Prologis and Dutch technology giant Royal Philips. Among the respondents, environmental factors were ranked as the second biggest trend affecting business growth in the following five years (65%), following technological change (88%). Almost a third (29%) claimed that science-based targets deliver bottom line savings to their business. Another study in 2017 by CDP found a 20 percent rise in the number of companies offering low-carbon products and services, such as zero-energy buildings. For example, the first net-zero energy district, the Solallen community, in Sweden, generates as much electricity as it consumes (Skanska). In addition, an AI-managed eco-village will be built in Almere, Netherlands, self-supporting its foods, fruits, and energy power (Rate it Green). The study from CDP also learned that the number of sampled companies from 1073 companies globally with a renewable energy consumption target had increased by 23 percent in a year. The world’s most influential companies are committed to 100% renewable power. RE100 is a collaborative, global initiative uniting more than 100 influential businesses committed to 100% renewable electricity, working to massively increase demand and supply of renewable energy (there 100). Members include Ikea, Adobe, Apple, Autodesk, Bank of America, Bloomberg, BMW Group, etc (there 100). EV100, another example of big corporation union to foster renewable energy, is a global initiative bringing together forward-looking companies committed to accelerating the transition to electric vehicles (EVs) and making electric transport the new normal by 2030. Members include HP, Ikea, Unilever, Baidu, etc (The Climate Group). An example of companies that strike for renewable energy is AkzoNobel. In 2016, 40 percent of renewable energy were used in AkzoNobel’s own operations. The Dutch chemical company’s 2.9-billion-euro revenue is from eco-premium products and services. It will source 100% of energy from renewable sources and eliminate carbon dioxide emissions by 2050. Another example is Walmart: In April 2017, Walmart started Project Gigaton initiative to reduce emissions with its suppliers across its global value chain by a gigaton before 2030. After a year, on April 18, 2018 Walmart announced that suppliers have reported reducing more than 20 million metric tons (MMT) of greenhouse gas emissions in the global value chain (Walmat). Walmart plans to more than double its EV charging station sites in 34 states and double its wind and solar energy use in the United States of America (Walmart). On March 29, 2018, Walmart announced a goal to reduce greenhouse gas emissions in its China value chain by 50 million metric tons (MMT), which is equivalent to the annual electricity consumption of 40 million Chinese households, by 2030 (Walmart). To read more, please visit Brinknews http://www.brinknews.com/why-are-top-companies-pushing-for-100-percent-renewable-energy/ Science Based Targets https://sciencebasedtargets.org/faq/ https://sciencebasedtargets.org/2018/07/10/at-least-half-of-products-and-services-to-be-low-carbon-in-ten-years-say-majority-of-businesses-with-paris-aligned-climate-commitments/#_ftn1 Kellog https://www.refrigeratedfrozenfood.com/articles/87522-kelloggs-eggo-waffles-plant-goes-green-with-fuel-cell-technology Skanska https://bit.ly/2nnsN3w Rate It Green The World’s First Artificial Intelligence Managed Eco-Village Will be Built in Netherlands https://www.rateitgreen.com/green-building-community/discussions//the-world-s-first-artificial-intelligence-managed-eco-village-will-be-built-in-netherlands/3157 RE100 http://there100.org/re100 The Climate Group https://www.theclimategroup.org/ev100-members CDP https://www.cdp.net/en/articles/companies/picking-up-the-pace-analysis Walmart https://news.walmart.com/2018/04/18/walmart-announces-20-mmt-of-supplier-emission-reductions-through-project-gigaton-unveils-plans-for-expanding-electric-vehicle-charging-stations-and-doubling-us-wind-and-solar-energy-use https://news.walmart.com/2018/03/29/walmart-commits-to-reduce-emissions-by-50-million-metric-tons-in-china Photo credit: VCG