Majority of US corporations aim to convert to renewable energy, survey finds

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22nd October 2017 22:08 - Utilities

Majority of US corporations aim to convert to renewable energy, survey finds

Majority of US corporations aim to convert to renewable energy, survey finds: A survey conducted by Apex Clean Energy and GreenBiz Group interviewed 153 major corporations – both public and private – across America about their future plans to adopt renewable energy.

Following Donald Trump’s election, the aim of the survey was to find out whether the President’s views impacted corporations' plans for renewable energy.

Despite Trump’s plans to renew the coal industry and loosen regulatory constraints on fossil fuels, 87 percent of corporations said that his views on climate change have not impacted their decision to purchase or adopt renewable energy strategies.

Furthermore, just over one tenth (11%) of the respondents said they felt more inclined to switch to renewable energy in response to Trump’s election.

The survey also revealed that in the next 5-10 years, 84 percent of corporations are “actively pursuing or considering purchasing renewable energy” and 43 percent have already made plans to implement renewable energy strategies within the next 1-2 years.

To find out more, surveyors asked what motivated the corporations to purchase renewable energy.

Energy pricing was the most influencing factor according to 65 percent of corporations, while others chose to adopt renewable energy strategies in order to diversify their energy portfolio, improve their public image and to help create a healthier planet for future generations.     

According to the survey, over half (57%) of the corporations interviewed have renewable energy targets, in order to adhere to emission and climate targets and to set a leading example to their industry.

Commenting on the survey’s results, Steve Vavrik, Apex’s Chief Commercial Officer, said: “Companies that are seeking to buy renewables aren’t just looking for the easiest way to cut costs. They are making a strategic investment to diversify their energy portfolio and secure long-term sustainability.”

Additionally, according to a report published in December 2016 by the Advanced Energy Economy (AEE), 71 of the largest corporations in the United States (also known as Fortune companies) currently have renewable energy or have set sustainability targets.  

Commenting on the Fortune companies' progress, energy policy leader at Google, Michael Terrell, said: “We're really encouraged by all the progress that we've made [on renewable energy procurement], but there's a lot of work to do.”

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