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Q1 2022 Trends in Corporate Renewable Energy Procurements
This month, GreenBiz released their Q1 roundup of news developments influencing corporate procurement of renewable power as part of their Clean Energy Deal Tracker. They found that corporations have continued to sign renewable energy deals despite rising costs. Notably:
- Verizon announced a suite of seven virtual PPAs for 910 MW of renewable energy
- Meta signed three new deals for 581 MW
- Comcast signed deals for 250 MW of solar power
These deals come as the price of renewable energy is spiraling upward, increasing 28.5% from last year due to supply chain disruptions that raised component costs, increased demand from corporations to transition from fossil fuels given the war in Ukraine, and created an interconnection backlog in the US that increased soft costs. They highlight that the main way for corporations to address these cost challenges is to support the Build Back Better Act.
Additionally, GreenBiz found that corporations have changed the renewable energy landscape so considerably with new models and contract structures that they decided to transition their work from compiling deals to focusing now on analyzing top trends each quarter. To read more about these trends, read the full article here.
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Earth Day 2022
In recognition of Earth Day on April 22nd, we’re highlighting recently announced corporate and federal actions taken to advance clean energy, electrification, sustainability, and other programs.
- President Biden proposed a $5.8 trillion budget for the fiscal year 2023, which included a 7.1% increase in the Department of Energy (DOE) budget. The proposed budget includes $9.2 billion for clean energy research, $90 million for a new Grid Deployment Office, and $200 million for a new Solar Manufacturing Accelerator program to help spur domestic solar equipment production. The president shared that his budget aims to advance equity and environmental justice , create clean energy jobs, and invest in research and development to broaden the reach of solar and build a clean energy future.
- Payments company Stripe announced a partnership with Alphabet, Meta, McKinsey and others, called Frontier, to accelerate and scale up carbon capture and storage technology by committing to purchase nearly $1 billion of carbon-removing technology over the next nine years.
- Multinational food processing company ADM accelerated its 100% deforestation-free supply chain commitment up to five years to 2025 from 2030.
- The White House launched new initiatives to advance clean energy access as part of the president’s commitment to tackling the climate crisis. These include a new digital platform to monitor community solar subscriptions for low-income customers and billions of dollars of investments in state and local Distributed Energy Resource (DER) projects.
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