2020 Energy Sellers
Renewable energy, together with energy efficiency, is an important driver for accelerating the global
Given that two-thirds of CO2 emissions come from the energy sector, renewable energy can clearly play a role, but it will have to be scaled up six times its current growth rates to meet the objectives of the Paris Agreement (IRENA, 2018a). It is here that corporate sourcing of renewable energy will be critical.
Companies can significantly contribute to the energy transformation if they increase their renewable energy commitments and shift investments so that additional renewable electricity capacity is built. Corporate sourcing is still in its infancy owing to its perceived complexity and the technical and financial risks associated with changing existing patterns of energy consumption. Furthermore, many countries still lack the appropriate policy and regulatory frameworks to permit broad corporate sourcing of renewables. Hence the untapped potential for corporate participation in the renewable energy space is enormous.