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WWF Releases Power Forward 4.0 Report on Transition to a Net-Zero Economy
At the beginning of the month the World Wildlife Fund (WWF) released the latest edition of their Power Forward report series, Power Forward 4.0. In this year’s publication, WWF analyzed the Fortune 500’s climate commitments, and highlighted the growth, trends, and gaps to achieving a net-zero economy that have developed over the past two years since the third edition of the report. Some of WWF’s key findings from the report include:
- 60% of Fortune 500 companies (2020) have set a climate or energy-related commitment, up from 48% in 2017.
- 17% of Fortune 500 companies possess net-zero or carbon-neutral commitments.
- Ninety-four companies have set goals to buy or invest in renewable energy.
- Only 1 in 5 Fortune 500 companies have set or committed to science-based targets.
- GHG emission reduction targets are the most popular form of action, with 54% of Fortune 500 companies committing to reduce their direct, purchased energy, and/or value-chain emissions.
Power Forward 4.0 emphasizes the fact that gaps in corporate climate action remain despite significant advancements that have occurred in the past two years. The limitations of voluntary corporate climate action are demonstrated by the fact that 40% of the Fortune 500 companies, including many large emitters, lack any climate commitment to begin with. In their report, WWF provided the following recommendations to achieve a net-zero world by 2050:
- Establishment of economy-wide policies that create incentive for corporate action.
- Implementation of sector-based approaches to reduce emissions from electricity, transportation, buildings, manufacturing, and land use change.
- Endorsement of the new U.S. goal of reducing emissions by 50%-52% by 2030
- Application of science-based targets aligned with a 1.5ºC decarbonization pathway and validated by the Science Based Targets initiative.
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S&P 2021 Corporate Renewables Outlook
A few weeks ago, S&P Global released their 2021 Corporate Renewables Outlook Report, covering growth of the renewable energy industry over the past year. This study found that 2020 was the most active year for the corporate renewables sector, with 20,000 MW of corporate wind and solar capacity being added to the market. Corporate PPAs in wind and solar have acted as a motivation for companies worldwide to focus on transitioning to 100% renewable energy due to their ability to generate thousands of megawatt hours in a single contract. Wind PPAs emerged as the preferred technology, with these agreements making up over 82% of new corporate renewable capacity in the U.S. S&P Global Market Intelligence found that some of the most notably active companies that signed renewable PPAs in 2020 include Amazon, Facebook, McDonald’s Corporation, and PepsiCo, who all added between 1,100 and 6,000 MW of renewable energy in 2020.
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