Many Fortune 500 corporations, particularly within the fossil fuel or delivery/logistics industries, are actually the target of the public, give attention to climate change. Along with climate-targeted litigation and demonstrations, many corporations are going through Environmental Social Governance requests from shareholders looking to have firms worth their climate impacts, rising demand for “green” funding funds or some analysis concerning environmental impacts; and client strain to hyperlink manufacturers to climate safety.
Whereas it’s debatable whether or not a response to such pressures is required, many firms have been responding to elevated strain to behave on climate change in quite a lot of methods, together with constructing their renewable vitality portfolios, investing in green technologies, and incorporating climate grow to be their public messaging.
On October 24, 2019, Amazon announced two main renewable energy buy agreements within the US and one in Scotland. The primary-of-its-type wind farm in Scotland can have the most capability of 50 MW with an anticipated 168,000 MWh per year and can be the UK’s “largest company wind energy buy settlement,” in keeping with Amazon. The two US solar tasks in North Carolina and Virginia may have a mixed capability of 215 MW with an anticipated 500,997 MWh per year. The tasks are anticipated to start producing power in 2021. Whereas these tasks should not be owned by Amazon, the corporate has made a dedication to purchase the power output by an influence buy settlement (PPA). This PPA will, in turn, fund the development of solar and wind farms.
Amazon will not be the primary Fortune 500 firm to make vital strides to affiliate its vitality consumption with renewables from PPAs. These kinds of offers have been pretty considerably over the past couple of years, although the speed and variety of firms coming into them have elevated extra not too long ago. Simply last month, Google announced its largest procurement deal consisting of 18 new wind and solar offer the world over with a mixed 1.6 GW of renewable power. That was already achieved in 2015. Starbucks now’s working to buy renewable energy from areas where it could use energy in its provide chain.
Buying renewable power by way of PPAs shouldn’t be the one method firms are selling renewable vitality. A number of fossil fuel firms have begun to spend money on renewable expertise begin-ups or create spin-off corporations specializing in the identical.