The RE100 swelled to 87 members over the last year according to the latest report from the Climate Group, which showed 34 more companies had committed to 100% renewable electricity to power their global operations.
The members of rapidly growing initiative now create demand for 107TWh of green electricity – around the same amount needed to power the Netherlands or the United Arab Emirates.
The latest data available showed that 11 members had already reached their target of 100% renewable electricity before 2015, with the majority (42) of those remaining set to do the same by 2024.
An assessment of data collected from all RE100 members shows that they had transitioned 23.5TWh out of 107.4TWh of electricity to renewable energy sources by 2015, meaning that on average, members were 22% of the way to achieving 100% renewable electricity in 2015.
Companies like Goldman Sachs and clothing brand H&M had significant progress over the period covered in the report, transitioning to 86% and 78% renewable electricity respectively in 2015
Despite this progress, the Climate Group has called on governments to implement more amenable policy in order to ensure the transition to a low carbon economy continues to gather pace.
Damian Ryan, acting chief executive of the Climate Group, said: “It is really encouraging to see that more companies than ever are committing to bold climate action, helping us move towards a net zero-emissions economy. But we need to see faster progress.
“In order to deliver on the Paris Agreement and keep global warming well below two degrees, we need governments to remove policy barriers and create investment incentives that can provide easier access to renewable energy. And we need more business leaders to influence the usage of renewable power right along their supply chains.”
A number of companies with a strong presence in the UK have shown considerable progress over the period covered in the report. In the last year, Nestlé UK & Ireland announced that all of its grid supplied-electricity would come from renewable sources, as part of a deal with EDF Energy. In 2016, this accounted for all of Nestlés electricity use in the UK and Ireland.
While purchasing renewable energy through energy certificates and green tariffs were the most popular routes for members to achieve their goal, 34 members reported self-generation to be an important part of their strategy.
IKEA Group has a goal of generating as much renewable energy as the energy it consumes by 2020 in an effort to reap the commercial benefits of self-generating renewable energy.
Steve Howard, chief sustainability officer at IKEA Group, said: “Electricity and energy are essentially just costs to your business, until you start generating your own when you can turn a cost into a profit center.
“IKEA Group investments into wind and solar energy generation contribute to the shift to a low carbon economy, and from a business perspective, help to secure our future as we become energy independent.”
The Climate Group has said it will continue to try and attract leading global businesses into its mission to see renewable electricity adopted across the business world and has recently welcomed the Danske Bank Group, Gatwick Airport and Royal Philips into the ranks of the RE100.