GM, HP, Mars, Bloomberg, Intel, Others Call for Market Changes in Renewable Energy

Written by on July 14, 2014 in CSR, Green, Tech - No comments

2857676975_e3eb113e3bThe World Wildlife Fund, in collaboration with the World Resources Institute, has brought together a dozen global companies to lobby for necessary market changes to make it easier to buy more renewable energy. The companies include General Motors, Wal-Mart, Bloomberg, Facebook, Hewlett-Packard, Intel, Johnson & Johnson, Mars, Novelis, Sprint, Proctor and Gamble and REI.

The 12 companies hope that identifying their common needs and goals in the adoption of green energy usage will help catalyze market changes. These companies collectively want to buy 8.4 million MWH of renewable energy every year, which can power about 800,000 homes. However, the market system often stymies their efforts in this direction.

The companies have proposed six “Buyers’ Principles” to bring the necessary changes in how states and utility companies determine their energy options. The principles include greater choice in purchase options, improved access to cost-competitive options, contracts that are both longer and variable in term, access to new projects that are designed to reduce emissions, smooth third party financing, and increased purchase options with utilities.

David Ozment, senior director of energy at Wal-Mart, said that these Buyer’s Principles provide the groundwork for collaborations to help energy buyers to move ahead faster. When the renewable energy costs reduce, the savings and a cleaner energy future will be passed on to the consumers and their communities. More companies are likely to join the initiative currently spearheaded by these 12 companies.

A recent report released by Calvert Investments, Ceres, David Gardiner & Associates and the World Wildlife Fund, said that three out of five Fortune 100 companies have set goals for using renewable power or cutting down greenhouse gas emissions. Bennett Freeman, Calvert’s senior VP for sustainability, research and policy said that the world’s largest companies are demonstrating that investments in clean energy lead to stronger returns.

Source: USA Today

Image Credit: Flickr via ManoharD

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