RE 100 Initiative and its Impact on Corporate Renewable Procurement
RE100 is a global corporate leadership initiative that is committed to 100percentrenewable electricity.The initiative is currently run by its 188 global corporates that have committed to reduce carbon emissionsby setting their internal targets to achieve 100percentrenewable electricity consumption.
As the Paris climate agreement came into effect in December 2015, many countries have enforced regulations that have helpedthe renewable electricity generation industry to grow and made efforts to diversify power generation sources. In 2018,most developed countries wereable to make significantprogress in terms of electricity generation from renewable sources. This growth spurt in renewable generation and its direct impact on the reduction of carbon emissionshaveinfluenced global corporates to take actionsto reducetheir carbon footprint from operations.
RE100 initiative is steered by pioneering global companies that are able to makeasignificant impact on their carbon emissions,and their drive to achieve 100percent renewable consumption has created many market-friendly procurement options that improve the growth of the renewable industry.
The RE100 initiative has helped corporates achieve significant progress in their goals in the U.S.and Europe,with 54percent and 62percent renewable procurement,respectively. Asian regions havealso shown significant progress in their corporate renewable procurement with RE100 companies pushing for innovative procurement models even in traditional,semi-regulated markets like India, China, Malaysia, Thailand, Indonesia,etc. With RE100 targets, companies constantly seekopportunities to bring western procurement models to developing nations and collaborate with suppliersto deviseinnovative procurement models.
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