Major corporations are continually joining the renewable energy bandwagon to save money and become more environmentally friendly.
This continuing trend has been pushed by increasing customer demand for environmentally friendly energy options and the decreasing cost of delivering renewable energy. Renewable energy capacity worldwide of 161 gigawatts reached a record in 2016, up about 10 percent over 2015. The cost of supplying that renewable energy was 23 percent less than in 2015, according to the REN21 Renewables Global Status Report.
The report cites the rapidly falling costs, particular for solar PV and wind power, as a reason for the trend toward more renewables and away from fossil fuels. And the average amount spent per megawatt for solar photovoltaics and wind decreased by about 10 percent, according to UN Environment.
Forecasts show the trend toward renewables continuing to increase. Wind and solar sources will compose 48 percent of the world’s installed capacity and 34 percent of electricity generation by 2040, according to Bloomberg New Energy Finance.
New business models and creative uses of renewable technology are also driving the trend. More than 100 of the world’s largest have even joined RE100 by pledging to go 100 percent renewable. These companies include automakers BMW Group, General Motors, and Tata Motors; technology leaders such as Apple, Facebook, and Google; and other leaders in their fields such as Anheuser-Busch, Coca-Cola Enterprises, H&M, and Ikea.
Also, many American businesses also signed the America’s Pledge, which agrees to adhere to the Paris Climate Accord, despite the U.S. government stance.
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