Since the mid-2000s, companies have begun to deliberately power their operations with renewable based electricity, reports NaijaAgroNet.

Increasingly, NaijaAgroNetgathered that companies in different industries and sectors are committing to ambitious renewable energy targets.

The latest edition of IRENA Quarterly, a publication of the International Renewable Energy Agency (IRENA) which is an intergovernmental organisation supporting countries in their transition to a sustainable energy future.

Globally, NaijaAgroNetalso gathered that in 2017, companies sourced approximately 465 terrawatt-hours (TWh) of renewables.

Production for self-consumption accounted for most of this (165 TWh), followed by unbundled energy attribute certificates (130 TWh), corporate power purchase agreements, or PPAs (114 TWh), and finally “green procurement” by utilities (34 TWh).

The trend is widespread and dynamic. By volume, renewable electricity was mostly consumed in heavy industries like mining, pulp and paper, chemicals and other materials production (over 160 TWh). This mainly happens through companies generating their own hydropower, but increasingly also through “self-generated” wind and solar power.

Yet the highest shares of renewable electricity consumption are found in the financial (24%) and information technology (12 per cent) sectors. Companies like Bank of America, Google, IKEA, Intel and Microsoft are among the major consumers and self-generators of renewable electricity outside the materials sector.

Companies in at least 75 countries are known to have procured renewable electricity as a deliberate choice. While North America and Europe account for most of those companies, the practice is spreading to other regions.

India and South Africa are among the top ten markets actively sourcing renewable electricity. Other developing markets, like China, Mexico and Ghana, are also experiencing significant growth in active corporate sourcing.

Most governments have not yet considered the potential of corporate sourcing in their energy strategies. Yet they recognise renewables as a way to attract new investment, meet energy needs, achieve compliance with national and international climate targets, and boost job creation.

Out of 2 410 companies analysed by IRENA, over half source renewable electricity, although only 17% indicated having a target in place. More than 200 companies source over half of their energy demand through renewables.

Isaac Oyimah/GEE

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This post was originally published at Naija AgroNet by ITRealms DSA. It has been republished here with permission.

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