20 September 2014, 0:00 UTC 4 min read

Going 100% renewable is a smart business decision.

New York, September 22nd 2014:

Leading businesses including, IKEA, Swiss Re, BT, Commerzbank, Formula E, H&M, KPN, Mars, Nestlé, Philips, Reed Elesvier, J. Safra Sarasin and YOOX Group, join a powerful group of NGOs and clean energy experts today to announce the launch of a multi-year initiative to encourage major companies to commit to using 100% renewable power.

With the goal that “by 2020, 100 of the world’s largest businesses will have committed to 100% renewable power”, the RE100 campaign will highlight the business and reputational benefits enjoyed by companies who make the commitment to use power exclusively from renewable energy sources. It will also help companies who wish to switch to renewables by providing guidance on selecting and implementing the best approach to utilizing renewable power, and information on the financial implications, risks and rewards of different options.

Businesses need a secure, reliable and affordable energy supply. While fossil fuels have historically provided this, drawbacks of using depleting and polluting resources make seeking alternatives critical. Renewable energy sources are a smarter option – providing an affordable, clean, reliable and guaranteed future power supply.

Leading businesses, NGOs and renewable energy experts have now come together in a coordinated effort to accelerate businesses across the world to commit to using ‘100% renewable power’. Led by The Climate Group in partnership with CDP and in collaboration with the International Renewable Energy Agency (IRENA) and others – the RE100 campaign will provide a powerful network to support and celebrate businesses that are increasing their use of renewable power

IKEA, Swiss Re, BT, Commerzbank, Formula E, H&M, KPN, Mars, Nestlé, Philips, Reed Elesvier, J. Safra Sarasin and YOOX Group, have all made firm commitments to using renewable power – recognizing the environmental and business benefits.

RE100 will showcase how businesses are making the journey towards 100% renewable power. The campaign will engage business leaders, policy makers and financial institutions to encourage their role in accelerating a clean energy future.

Steve Howard, Chief Sustainability Officer, IKEA Group said, “Investing in renewable power makes complete business sense. It aligns with our corporate expectations on financial returns and our values. So far, we have generated 1,425 GWh of power from renewable sources. We plan to invest approximately €1.5 billion in new renewable energy projects to meet 100% goal by 2020 goal – and RE100 is a great way to tell our story.”

Swiss Re recognizes the business opportunity of renewable energy too. Jurg Trub, Head of Environmental and Commodity Markets at Swiss Re said, “We decided on a 100% renewable power approach because as a leading wholesale provider of reinsurance and insurance we believe that tackling climate change while meeting the energy needs of a growing and developing world is an urgent matter. This can only be done by improving energy efficiency and switching to low carbon options including renewable energy sources. Therefore by showing leadership in investing in renewable energy we are supporting this drive towards a low carbon future and we can also take advantage of the growing market that exists with these climate change solutions”

Ben Ferrari, The Climate Group’s Director of Partnerships highlights the focus for the campaign in the coming year, “We are delighted with the ambition of leading companies to go 100% renewable. We plan to continue to grow this group and expand our outreach in China and India over the coming year. It is an exciting time for renewable power.”

Pedro Faria, Technical Director at CDP expands on how RE100 will help companies define and report on their renewable energy commitments, “We know that defining and reporting on corporate renewable energy commitments is critical to ensuring the development of authentic renewable energy and avoid double counting. We are committed to working with The Climate Group and other NGOs working on this same issue to provide clear and consistent guidance for companies. This will ensure credible and transparent reporting of company commitments.”

About the RE100 NGO Partners:

The Climate Group is an independent, not-for-profit organization working to inspire and catalyze leadership for a Clean Revolution: a low carbon future that is smarter, better and more prosperous for all. Launched by Rt Hon Tony Blair and 20 CEOs/VIPs in 2004, we work internationally with a coalition of member companies, states, regions, cities and public figures. We inspire leaders by communicating a compelling narrative for change; we equip them by delivering evidence of success; and work in partnership with them in driving transformative change. For more information please see: www.theclimategroup.org

CDP is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP works with market forces, including 722 institutional investors with assets of US $87 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. CDP now holds the world’s largest collection of primary climate change, water and forest risk commodities information and puts these insights at the heart of strategic business, investment and policy decisions. For more information please see: www.cdp.net