Climate Week in New York has already seen global corporates take big strides towards meeting the challenges and commitments made in the Paris Agreement, with one of the most noteworthy being the commitment from the world’s largest solar module manufacturer, China’s Jinko Solar, to the RE100 initiative, which boasts close to 300 members.
Surprisingly, Shanghai-based Jinko claims to be the first solar manufacturer globally to join both the RE100 and EP100 initiatives simultaneously, with its pledge to procure 70% of its power from clean energy sources by 2023 and to be fully renewables-powered by 2025.
According to The Climate Group, Jinko will achieve this by sourcing its power from sister company JinkoPower, along with the installation of solar arrays on its manufacturing facilities, and ensuring that locations for new facilities have access to renewable energy.
“At JinkoSolar, we care as much about the sustainability of our products as we do the way we build them,” said Chen.
“Going green is our business, from the inside out, and we’re thrilled to be the world’s first solar manufacturer to be a member of RE100 and EP100 simultaneously. It makes business sense to save energy and switch to renewables. Being a responsible corporate citizen is more than just good business practice – it helps make society more sustainable and healthy.”
Australian big-four bank ANZ was one of the other major corporates to join the initiative, with its own commitment to transition to 100% renewable power by 2025, alongside global services company Accenture, and Europe’s biggest telecommunications company, Deutsche Telekom.
Almost 300 multinationals across every major sector have made commitments to transition to renewable energy globally, representing $5.5 trillion in combined revenue generated across over 140 markets, and 220TWh of renewable electricity demand – not far from the annual capacity of a country like Indonesia.
The overall commitments made by RE100 members to-date if met, will save the equivalent CO2 emissions of 27 US coal-fired power stations.
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Helen Clarkson, CEO of The Climate Group, said, “It’s incredibly exciting to convene so many companies leading by example on cleaner energy and transport this Climate Week NYC. From the US and Europe to India and Japan, ambitious business action is starting to accelerate market change around the world.
“Supportive policies are important, but the business case is clear, and Chief Financial Officers everywhere must ready themselves for this, the Climate Decade. The private sector has a vital role to play in halving global emissions by 2030 – we won’t stop pushing until thousands of companies are moving forward at pace.”