Multinational companies are increasingly using electricity generated from renewable sources, according to a new report released today.

Innovators Magazine featured a report from Bloomberg New Energy Finance (BNEF) yesterday – that shows corporates are buying record amounts of renewable energy.

And today one of the initiatives praised by BNEF, the RE100  campaign – a group of major brands committed to using 100% clean energy, has published another report, which confirms this direction of travel.

The paper ‘approaching the tipping point: how corporate users are redefining global electricity markets’ by RE100, which is led by The Climate Group in collaboration with CDP, outlines how these companies are performing.

In Europe, it shows that in 2016-17, RE100 members got the majority of their electricity from renewable power for the second consecutive year. Three companies from Europe, including Danone, have also signed up for the campaign, which now has 122 members.

Speaking about progress in Europe, Sam Kimmins, Head of RE100 at The Climate Group said: “With more than 100 international corporations now committed to sourcing 100% renewable electricity through RE100, we need to see better, more supportive policies in Europe that can help remove the barriers to going renewable.

“The EU has the potential to unlock the carbon and competitive benefits of PPAs – in a similar way to markets such as the UK, Netherlands and Ireland – all of which are seeing high levels of investment. We urge members of the European Council to ensure there is a supportive policy framework across the whole of the union to enable this investment potential while ensuring the goals of the Paris Agreement are met.”