Large corporates are investing in a clean energy future but some regulatory hurdles are slowing down the pace of adoption, according to leading industry organisations.
Companies like Google and Facebook are some of the household names working towards 100% renewable energy use – and Power Purchase Agreements (PPAs) are a key part of their strategies to achieve that goal.
Michael Terrell, Head of Energy Policy at Google, said: “Since our first power purchase agreement in 2010, Google has signed 20 different renewable energy purchasing deals in five countries totaling 2.6 GW. However, we’re not yet able to purchase renewable energy everywhere we have significant operations, as we are limited by policy and regulatory hurdles in some markets.”
To overcome these hurdles, WindEurope, SolarPower Europe, RE100 – an international network of global corporates committed to 100% renewable electricity and the promotion of clean energy – and the European Chemical Industry Council (CEFIC) are joining forces to promote PPAs. They will host the first of their PPA promotion events, RE-Source 2017, on 11 October in Brussels. Big business, including Google, and energy companies like Engie, EDF Energies Nouvelles and Vestas will attend – alongside policymakers – to advance the availability of PPAs.
Marco Mensink, Director General, CEFIC, added: “Corporate PPAs are a win-win: whilst enabling long-term contracts, they provide financial certainty for utilities and developers and they allow the chemical industry to contribute to sustainability goals. Corporate PPAs show that renewables are maturing into market based solutions.”