A new report released by BloombergNEF (BNEF) shows corporations worldwide are buying record-levels of renewable energy. Last year saw a steep rise in the amount of clean energy being bought by big business, up 40% on the year before, through what are called power purchase agreements, or PPAs.
The BNEF paper: 1H 2020 Corporate Energy Market Outlook reveals 19.5GW of clean energy contracts were agreed in 2019, by over 100 corporations in 23 countries. That equates to more than 10% of all the renewable energy capacity added last year, on projects that will cost between $20 billion and $30 billion.
“Corporations have purchased over 50GW of clean energy since 2008. That is bigger than the power generation fleets of markets like Vietnam and Poland. These buyers are reshaping power markets and the business models of energy companies around the world,” said Jonas Rooze, lead sustainability analyst at BNEF.