Global corporate clean energy initiative RE100, membership of which is comprised of companies targeting a 100% transition to renewable energy for corporates globally, will need to acquire an extra 189TWh of green power by 2030 in order to meet programme targets.
That’s according to new research by Bloomberg New Energy Finance (BNEF), which notes that despite 22 new member companies joining in the first half of 2019, the forecasted shortfall is just 1 TWh less than previously forecasted.
BNEF says that should the initiative source the shortfall through the purchase of solar and wind power purchase agreements (PPA’s), a further 94GW of renewables would likely be deployed, thus bringing a $97 billion in new investment into the renewables sector.
The report further notes that the US is “by far” the largest global market, buying 5.95GW of renewable energy, up 69% on the same period last year. Globally, the initiative saw 8.6GW of clean energy purchased, an increase of 1.8GW from the same period in 2018.
82% of all US deals were in the form of PPA’s, and this, in turn, means that the group is on track to beat the total number of PPA’s sold globally in 2018.
BNEF further notes that renewable energy purchases in Europe, the Middle East and Africa, have totalled just 950MW and that less than a third of these came from the Nordic region, which traditionally leads efforts in renewables.
The agency further notes that China is close to implementing a “game-changing” mandate on corporations, requiring them to source a minimum of their energy from renewables, and allowing them to sell self-generated clean energy to neighbouring energy users.