7 Companies That Have Committed to Renewables in the Past YearDecember 1, 2016
By: Cade Felker – Senior Vice President, Worldwide Facilities
The past twelve months have been big for renewable energy. A large number of global companies have made multi-million- and multi-billion-dollar investments—in various renewable energy projects, as well as high-profile commitments to move their operations to 100% renewable energy by the end of the decade. Here are just a few of the most prominent.
The Port of Los Angeles
The largest and busiest container port in the country recently committed to transition a 40-acre marine terminal to solar power. When the project is completed, it is predicted to reduce emissions from greenhouse gases by 3,200 tons per year.
In December 2015, Google announced a new investment to add 842 megawatts of renewable energy to power its data centers worldwide, with a goal of achieving 100% reliance on renewable energy by 2025. The investments include a solar plant in Chile and a wind farm in Sweden. This isn’t the company’s only renewable energy investment; it has invested over $1.8 billion in renewable energy so far, raising its renewable energy capacity to 2 gigawatts.
Just a few days before Google made its announcement, Microsoft co-founder Bill Gates introduced a multi-billion-dollar investment fund dedicated to clean energy at the inception of the UN climate change summit. This project has support from 20 countries worldwide, including South Korea, France, India, and the United States.
Since it announced its commitment to running on 100% renewable energy in 2014, Amazon has made several high-profile investments in renewable energy—including one large-scale wind farm in North Carolina and another in Ohio. As recently as January 2016, Amazon announced its plan to construct another wind farm in Indiana, projected to produce enough energy to power 46,000 US homes for a year.
In March 2016, Apple claimed that 93% of its facilities worldwide rely on renewable energy. A few months later, it launched an entirely distinct energy company, Apple Energy LLC, that to sell excess energy generated at Apple solar farms.
Ikea announced at the COP21 climate change summit in Paris that it planned to invest over €600 million in various renewable energy initiatives. These include reducing emissions, redesigning products, introducing energy efficiency enhancements, and other measures aimed at improving sustainability. Ikea was also a co-founder of RE100, an initiative that has attracted over 50 of the biggest companies in the world committed to transitioning to 100% renewable energy.
In October 2015, Walmart announced its commitment to purchase 58% of the energy output from a wind farm in Texas under a 10-year agreement. This is part of a larger strategy to invest in clean energy by purchasing wind power under long-term contracts. This has the added benefit of making it easier for wind farms and other renewable energy companies to secure low-cost financing for their construction initiatives, as they have a buyer lined up once the project is finished. Walmart announced its commitment to moving toward 100% renewable energy as early as 2005, and it is currently at about 26%.
These investments signal vast opportunity for insurance agents looking to do business in the renewable energy market. Worldwide Facilities has a wealth of experience and expertise placing risk in this challenging sector, and we can help you become part of this exciting trend.
For more information, contact Cade Felker at firstname.lastname@example.org or (972) 978-5992.