Energy firms unveil plan to double planet's renewable capacity
Sixteen of the world's largest energy companies have launched a joint plan to nearly double the planet's renewable energy capacity by 2025.
The partners in the project, including EDF, Vestas, Iberdrola and Schneider Electric, propose a four-pronged plan to remove current barriers to renewable deployment.
1) Facilitating the integration of renewable energy into grids and electricity markets, with focus on storage and interconnections.
2) Scaling up green bond finance through increased transparency as well as de-risking project pipelines.
3) Working with corporate renewable energy buyers to scale renewable energy procurement and channel demand towards renewable energy.
4) Promoting sustainable electrification of remote areas via the deployment of low carbon microgrids.
The project is part of the World Business Council for Sustainable Development’s (WBCSD) Low Carbon Technology Partnerships initiative (LCTPi).
The members of the Renewable Energy programme together account for nearly 10% of global installed renewable capacity.
EDF chief executive António Mexia said:“Considerable progress has been made in renewable energy deployment globally, however, the time for a major step-up has come.
“New business models are needed to enable the scaling up of renewable energy at the speed that is required. The LCTPi framework presents an opportunity for business to work collaboratively to make this happen, and to ensure our companies are well placed to benefit from the resulting opportunities.”
The Renewable Energy programme is one of nine LCTPi working groups that collectively could facilitate $3.5 trillion worth of investment and up to 15 million jobs, delivering 65% of the required emission reductions needed to keep climate change below the 2°C threshold, according to PWC.
WBCSD president Peter Bakker said: “Accelerating the development and deployment of renewable energy is a critical part of the 2°C pathway. We are working with the world’s most forward-thinking companies to develop innovative low carbon solutions that can help address the climate challenge.
“Today’s announcement on Renewables shows that businesses around the world are taking concrete action to combat climate change as they see the multiple integrated benefits of investing in a low carbon world.”