Corporate Renewable Electricity Sourcing Trends 2024 Snapshot
Power generation is the single largest source of CO2 emissions globally, yet it is decarbonizing faster than any other sector. Electricity is foundational to a world with net-zero greenhouse gas (GHG) emissions: it will replace all existing uses of fossil fuels in processes that could instead be electrified using grids powered by low-carbon and renewable resources.
Commercial and industrial electricity users account for over half of global electricity consumption. Their decisions to voluntarily purchase renewable electricity (RE) play an important role in the energy transition. Some electricity users are directly responsible for the construction of new RE projects by signing long-term physical or virtual power purchase agreements (PPAs). However, these agreements are generally inaccessible to most companies, who instead purchase RE through their energy suppliers or by purchasing unbundled energy attribute certificates (EACs). These users send signals for more RE production through their collective demand. The strength of this signal is fundamentally dependent on the balance between supply of and demand for RE.
This report studies a group of 9,551 companies reporting through CDP in 2023 on their electricity and RE purchasing. In aggregate, they account for 3,571 TWh of electricity purchasing—nearly 13% of global electricity generation, or more than India’s electricity consumption (but less than the United States’ or China’s). This group contains some of the single largest corporate electricity users in the world, some of which purchase upwards of 60 TWh of electricity annually.
The companies studied in this report claim to purchase nearly 1,031 TWh of RE annually (29% RE). In an attempt to standardize and understand the credibility of these claims, this report uses concepts of “reported” and “recognized” claims based on the transparency and completeness of disclosures. At least 569 TWh of RE purchasing (16% RE) includes sufficient detail to understand the mechanism through which it was purchased and where it was consumed, and is therefore “recognized” by CDP.
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