Why supporting renewable energy is good for your bottom line
Using renewable energy and investing in renewable energy projects not only supports global sustainability initiatives, it’s also good for your bottom line. Explore how you can become a steward of climate action through supporting renewable energy development.
As public interest in climate action increases, people are calling on enterprises and government bodies to choose renewable energy and drive the development of renewable infrastructure. Potential clients, partners, and investors are preferring to work with businesses that commit to climate action.
As demand for renewable energy grows, so does the need to support projects leveraging technologies such as wind, solar, and hydro, as well as installations that produce renewable gases like hydrogen.
Now is the time to source renewably sourced electricity, not only to reduce your carbon and greenhouse gas (GHG) emissions, but also to advance your corporate social responsibility strategy.
The demand for renewable energy projects is growing
Whether or not your organization is obliged to hit renewable energy targets, there is a tremendous opportunity, globally and regionally, to move financing toward renewable energy projects and installations.
Your contribution toward the renewable energy market will help reduce the cost of cleaner energy in the future. This will benefit companies looking to reduce their emissions in how they source power across their value chains.
Tracking renewable energy generation and use
Pivoting to renewable energy use is strategically and practically important. It can improve your sustainability standing and reduce emissions along the way. Purchasing Energy Attribute Certificates (EACs) is a viable way to certify and contribute to the growth of renewable power.
EACs verify the generation of one megawatt hour (MWh) from a eligible renewable source that is supplied to the grid. When you purchase EACs, you reduce your Scope 2 emissions, are able to claim the environmental benefits, and show financial commitment to electricity generation that leaves less of a carbon footprint.
EAC products include Renewable Energy Credits (RECs) in North America, Guarantees of Origin (GoOs) in the EU, and International RECs (I-RECs) across the world.
Gain control of your own renewable energy supply
When you support renewable energy projects and sources, you gain more control over the origin of the energy your company purchases. You can even commit to longer term renewable energy purchasing through products like Power Purchase Agreements (PPAs).
This type of contract can give you…
· More assurance that the type of renewable energy credit you’d like to purchase will be available in the right geography.
· Oversight of the project to ensure you generate verified carbon credits for your own use and for sale.
· Better insight into the future of your carbon credit purchases.
For example, say your company would like to purchase a certain number of RECs on an annual basis that come from a wind farm in the region where your factory is located. There may already be a wind farm there that contributes renewable energy to the grid, but the parameters of their energy production may nor fit your requirements.
By funding this type of project and entering into a PPA, you can ensure that you know where your renewable energy credits are coming from and guarantee the supply and price of available credits.
Always be aware of public opinion on renewable energy
The investments your company makes in renewable energy projects today will help you in the future in how stakeholders perceive you against the backdrop of global climate action and the Paris Agreement.
In a June 2021 survey, the Pew Research Center found that 84% of adults in the US continue to support expanding solar power and 77% support growing wind farms. In the US, where it is rare for the majority of the population to share on opinion, this indicates overwhelming support for renewable energy.
Because popular opinion is in favor of environmental stewardship, an investment in renewable energy is also an investment in your company’s reputation for years to come.
To find out what renewable energy projects are available to meet your needs, contact our team.
 Check out the Pew Research Center’s US Public Views on Climate and Energy: https://www.pewresearch.org/science/2019/11/25/u-s-public-views-on-climate-and-energy/