With over 250 companies committed to a 100% renewable electricity supply globally, corporate renewable sourcing has become a major business opportunity, boosting economic competitiveness of corporates and reducing their carbon footprint. Europe has played a part in the global renewable energy sourcing trend with a significant increase in onsite renewables, and growth in corporate renewable PPAs, increasing from 2.2 GW of renewable energy capacity supported by PPAs by the end of 2016 to over 9.4 GW by the start of 2020.
But Europe needs to do more if it’s going to deliver on its Green Deal. The acceleration of corporate renewable sourcing will be essential to the market-driven and cost-effective delivery of the EU’s goal to be the 1st climate neutral continent by 2050. Find out what the key challenges and solutions are for unlocking the potential of corporate sourcing in Europe.
The RE-Source Platform welcomes the initiative of the European Commission to review the Renewable Energy Directive (RED II) and allow for a faster transition to a green, smart and resilient European energy system.
To tap into corporate renewable energy potential, supporting further the development of corporate renewable PPAs is essential. In this regard, the RE-Source platform wishes to highlight important improvements for consideration in the REDII.
European leaders met in June 2020 to discuss a €750 billion COVID-19 economic recovery plan unveiled by the EU Commission. Funded by borrowing on financial markets, the plan noted the Green Deal’s 2050 climate targets, but lacked detail as to how those would be achieved. In response, more than 40 major corporate energy buyers and suppliers signed a letter to the EU and national governments, calling for the following measures:
The last years have seen an extraordinary growth in corporate sourcing of renewables. As renewable energy costs further decline and the appetite to contribute to the energy transformation grows, corporate demand will only accelerate. With a suitable enabling framework in place, corporate sourcing of renewables has the potential to trigger additional investment in renewables and contribute to governments meeting their energy and climate targets.
To fully unlock the huge potential of the corporate sourcing of renewables, Europe requires an enabling policy framework. Relatively few policy adjustments will trigger additional investment in renewables and contribute to governments meeting their energy and climate targets. Here we present five policy recommendations which, if implemented, will provide an optimal framework for the corporate sourcing of renewables.
A letter to the Energy Minister ahead of the European Union Energy Council meeting of the 18th and 19th of December.
Corporate Renewable PPAs can play a decisive role in delivering Europe’s Climate and Energy objectives. The post-2020 Renewable Energy Directive will be key to unlocking the potential of these PPAs. The signatories of this declaration urge EU Member States to support a renewable energy target of at least 35% by 2030 and for the Directive to ensure that Member States lift all regulatory barriers to the development of corporate renewable PPAs, whether they are direct or indirect prohibitions.
WindEurope CEO Giles Dickson breaks down and discusses the new EU rules on electricity markets with Vincent Verbeke, Head of Energy Transition Services & Short Term Power with Engie. Find out more at: windeurope.org/cep