Consumer products, manufacturing and heavy industry sectors are getting the best financial returns on solar power—the most popular renewable power technology for corporates—according to a new report by RE100, an initiative of The Climate Group in partnership with CDP.
The report, Renewable power: the journey to 100%, features case studies from RE100 corporate partners and was released this week at the World Future Energy Summit, an event organized in partnership with Masdar and the International Renewable Energy Agency (IRENA). The report also found that heavy industry, construction and manufacturing sectors are the biggest investors in renewable energy, led by those in Europe.
RE100 was launched at Climate Week NYC in September 2014. Fifteen companies have now joined the campaign and made a public commitment to going 100 percent renewable. In addition to IKEA Group and Nestlé, RE100 brings together BT Group, Commerzbank, Formula E, H&M, KPN, Mars, Philips, Reed Elsevier Group, J**. Safra Sarasin Bank**, SAP, SGS, Swiss Re and YOOX Group.
The two latest companies to join are SAP, a Germany-based global market leader in enterprise application software and SGS, a leading global inspection, verification, testing and certification company based in Switzerland.
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“At the beginning of 2014, SAP announced its commitment to 100 percent renewable electricity in its data centers and facilities, which allowed us to expand our competitiveness in the cloud software market while further enhancing our sustainability leadership," said Daniel Schmid, Chief Sustainability Officer of SAP**. "**Joining RE100 is a natural step and we are happy to share our practical experience with global sustainability leaders as well as to discuss challenges and opportunities associated with renewable energy.”
Last summer in Germany, better weather conditions allowed solar power production to reach a record 24.24 GW of solar energy during the first week of June—covering more than half of its energy demands during that period. Solar power production also increased 34 percent during the first half of 2014.