Markets - 13/November/2019

Big business sees route to zero carbon electricity

Online platforms can deliver transparency around PPAs, bring down transaction costs and enable new entrants in the market

Borealis is a world leading petrochemicals company that has committed to getting 50% of its electricity from renewable sources by 2030, up from 7-10% expected by the end of 2019. While a big step for Borealis, it is a small step compared with that taken by Google, the world’s largest corporate buyer of renewables. It already matched all its energy use with renewables contracts back in 2017. What both companies have in common is a vision to be able to prove that every electron at every moment is green.

The two corporations were among more than 100 buyers at the annual event of the European platform for corporate renewable energy sourcing (RE-Source), an alliance of renewable energy buyers and suppliers held in Amsterdam, the Netherlands, on October 2, 2019. The steering committee of RE-Source is made up of a mix of companies from the tech, consumer goods and electric utility sectors, and includes Google, Amazon, Heineken, IKEA, BT, Danone, Enel and Engie. It is backed by the European Commission.
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