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Welcome to the latest issue of Corporate Climate Monthly
from David Gardiner and Associates!
Corporate Climate Monthly 
April  2022 Clean Energy Policy and Market Action Alert

Large commercial and institutional buyers are changing the energy landscape as we know it. In the last five years, Fortune 500 companies and other large institutions, such as the military, cities, and universities, have transformed electricity markets by ramping up their purchases of clean energy.

David Gardiner and Associates (DGA) publishes this newsletter monthly to identify and analyze the policy and market trends that define this historic change.
To all our monthly readers, 

At DGA, we continue to track developments in the clean energy sector and provide our readers with updates on pertinent state and market news. This month, we focus on Q1 trends in corporate clean energy procurement, significant Earth Day actions from both corporations and the federal government, and major energy-related policy announcements from four U.S. states.
 
As always, our team hopes that this monthly review continues to be a useful resource. 


Until next month,
Sabreen
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.
 
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.
What we're reading:
 
PepsiCo Collaborates to Increase Renewable Electricity Adoption — Smart Energy Decisions



Connecticut State Colleges and Universities Add Solar — Smart Energy Decisions


Tesla, Block and Blockstream team up to mine bitcoin off solar power in Texas — CNBC


Intel sets net-zero goal by 2040 — FutureIoT


Bank of America Announces 2030 Financing Activity Targets as Part of Net Zero Commitment — Bank of America


Deloitte announces $1 billion investment in global Sustainability & Climate practice — PR Newswire


Apple helps suppliers rapidly accelerate renewable energy use around the world — Apple


Mercedes-Benz to Supply 70% of Energy Needs with Renewables, Halve Vehicle Emissions — Environmental Leader


Record Amounts of Zero-carbon Electricity Generation and Storage Now Seeking Grid Interconnection— News Center


Federal buildings have cut their greenhouse gas emissions in half since 2008 — Axios


Shining Cities 2022 — Environment America


As Congress returns, Google proposes legislative action to help it and others to achieve 24/7 clean energy— Google


Interior Department Outlines Roadmap for Continued Renewable Energy Progress on Public Lands — US Department of the Interior
STATE POLICY AND MARKET NEWS 
_______________________

Governor Whitmer Unveils Michigan Climate Plan

On April 21 Governor Whitmer announced the MI Healthy Climate Plan, a roadmap for Michigan to achieve economy-wide carbon neutrality by 2050, with interim 2025 and 2030 goals. The plan focuses on actions between now and 2030 to tackle environmental injustices, clean the electric grid, electrify the state’s transportation sector, repair and decarbonize commercial and residential buildings, and encourage innovation in the industrial sector. Notable initiatives include generating 60% of the state’s electricity from renewable resources, phase out remaining coal-fired plants and build infrastructure necessary to support 2 million electric vehicles on Michigan roads all by 2030.
Florida Commissioner Introduces 100% Clean Energy Target
 
On April 21, Florida Agriculture and Consumer Services Commissioner Nikki Fried proposed a rule to transition utilities away from fossil fuel generation to 100% renewable energy by 2050 and hit incremental goals along the way.
Under the proposed rule, Florida would achieve interim targets of at least 40% renewable energy by 2030, 63% by 2035 and 82% by 2040. It would also require each electric utility to report annually the amount of renewable energy it produces or purchases. The Florida Department of Agriculture and Consumer Services (FDACS) would annually review those reports and provide the Florida Public Service Commission with analysis of whether each utility will meet the statewide goals. The FDACS will be accepting public comments on the proposed rule for 21 days – through May 12.
 
Wisconsin Releases First Clean Energy Plan

Together with the Wisconsin Office of Sustainability and Clean Energy, Governor Evers released the first-ever state Clean Energy Plan. This plan creates a pathway to multi-sector deep decarbonization and a transition to a clean energy economy that prioritizes environmental justice, a diverse workforce, and technology innovation as directed by Executive Order #38 signed back in 2019. Key objectives include putting Wisconsin on a path for all electricity consumed within the state to be 100% carbon-free by 2050, ensure Wisconsin is fulfilling the reduction goals in like with the 2015 Paris Agreement, and create more than 40,000 new jobs by 2030.

Bill Signed Limiting Retail Choice in Arizona

On April 26, Governor Ducey signed House Bill 2101, which aims to address reliability issues in the state but repeals language passed in 1998 that was meant to increase retail competition in the electricity sector. The bill is in part a response to Texas-based Green Mountain Energy’s application last year to the Arizona Corporation Commission (ACC) to sell renewable energy to customers in Arizona Public Service (APS) and Tucson Electric Power’s service areas. The ACC could provide retailers entry into the state by adopting separate rules on competition, but experts say the current bill sends negative market signals to companies considering the state.
 
Diverse Coalition Supports Federal Funding for Transmission 

On April 29, a diverse group of 36 clean energy organizations, environmental nonprofits, labor unions, consumer groups, developers, and other companies sent a joint letter to Congress asking for robust funding for high-voltage transmission deployment and research in the DOE budget. Funding across the Grid Deployment Office, Loan Programs Office and Office Electricity will drive clean energy deployment, unleash billions in private investment, create thousands of jobs, deliver low-cost energy to consumers, and reduce emissions. Requests included additional funding for the transmission facilitation program, for deployment of technologies to enhance grid flexibility, grants for enhancing grid resilience, and funding needed for transmission planning studies and technical assistance for states.   

UPCOMING EVENTS

May 16-18: CLEANPOWER22 
CLEANPOWER’s mission is to not only bring together the different technologies that make up the renewables mix— onshore wind, offshore wind, solar, storage, and transmission but also the different segments within the industries — manufacturers, construction firms, owner-operators, utilities, financial firms, corporate buyers and more. Learn more about the event here.

June 14-15: Global Energy Transition 2022
Join CEOs, public sector leaders and other changemakers from across the world at Reuter's Global Energy Transition 2022 in Brooklyn, New York. You'll learn about the challenges and opportunities for collaboration in delivering net-zero, electrification, the industrial transition and more. Learn more about the event here.

June 28-29: GreenFin 
Greenbiz will convene an invitation-only audience of sustainability, finance, and investment leaders at GreenFin 22 in New York City to share insights and display leading sustainable financial products and services. Learn more about the event here.
ICYMI

SECURE RENEWABLES '22: Securing the Path to Net-Zero
On April 20-21, the Solar Energy Industries Association (SEIA) and Idaho National Lab (INL) hosted a first-of-its-kind cybersecurity conference for the solar and storage industry. Leading cybersecurity and renewable energy experts discussed the key regulatory measures, risk frameworks, and technology pillars that are required to safely and reliably power the clean energy economy. Learn more about the event here.
CUSTOMERS CHANGING THE ENERGY LANDSCAPE
Amazon announced an additional 37 new clean energy projects to its portfolio this month, maintaining its position as the largest corporate buyer of clean energy today. These projects will bring 3.5 GW of renewable energy online and puts Amazon on a path to power its infrastructure with 100% renewable energy by 2025. 
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