New companies joining RE100 have added 72 terawatt hours (TWh) to the campaign’s annual electricity demand. This is its largest ever year-on-year increase. This is according to the latest Annual Disclosure Report.
The campaign’s members are now transitioning a combined electricity consumption larger than France’s to renewables and are now approaching Germany’s. If RE100 was a country, it would be the world’s 10th largest in terms of electricity consumption.
Of the top 10 largest electricity consuming companies that joined RE100 since the previous annual report, seven are headquartered in South Korea, with the other three being based in Japan. This not only shows RE100’s credibility and growth in Asia; it also serves as a stark wakeup call for policymakers. Corporate demand for renewable electricity is booming, and it’s up to governments to enable companies to source 100% renewable electricity at pace and at a fair price.
What we’re seeing is that bigger companies are now joining RE100, many with several TWh of annual electricity consumption. The growth in Asia can’t go unnoticed by policymakers, especially in South Korea and Japan - there are big businesses clamouring to use renewables. These companies are held back in their electricity transitions because of policy barriers. We’re working closely with policymakers and businesses to remove them as quickly as possible and ensure our members can source the renewables they need.
What we’re seeing is that bigger companies are now joining RE100, many with several TWh of annual electricity consumption. The growth in Asia can’t go unnoticed by policymakers, especially in South Korea and Japan - there are big businesses clamouring to use renewables. These companies are held back in their electricity transitions because of policy barriers. We’re working closely with policymakers and businesses to remove them as quickly as possible and ensure our members can source the renewables they need.
The report found that South Korea and Japan are the top two countries where members cite barriers to renewable electricity procurement. The high cost/limited supply of renewables, and the lack of procurement options were the two most cited barriers. As an example, only 4% of all RE100 companies operating in South Korea purchase 100% renewable electricity.
Despite these regional challenges, 25 companies reported that they have brought their target years forward, since their reporting in 2022. Over half of these companies making their targets more ambitious are headquartered in Asia.
At the end of 2023, RE100 released a report on common policy gaps in eight of the G20 countries, that delay corporate access to renewables, presenting them as examples of challenges faced by many countries around the world.
RE100 is showing strong growth in both new and established markets around the world. Asia is now an important centre for corporate action on renewable energy, but there remain roadblocks to further progress. This report shows that companies can only go so far without policymakers stepping in to support new clean power coming onto the system. This is urgently needed if we are to dramatically cut emissions and meet our ambitious climate targets.
RE100 is showing strong growth in both new and established markets around the world. Asia is now an important centre for corporate action on renewable energy, but there remain roadblocks to further progress. This report shows that companies can only go so far without policymakers stepping in to support new clean power coming onto the system. This is urgently needed if we are to dramatically cut emissions and meet our ambitious climate targets.
The RE100 annual report is designed to publicly hold members to account through transparent annual reporting to ensure members are delivering on their commitments.
Other key highlights from this year’s report
- Market analysis and insights – North America, Europe, China, Japan, South Korea, India, Vietnam, Indonesia, Mexico, Argentina, South Africa.
- Updated market and member progress tables with new columns for procurement type distribution and facility age.
- RE100 outlooks on recruitment and procurement, changes to scope 2 emissions accounting from the Greenhouse Gas Protocol and RE100 policy advocacy.
This report is derived from RE100 companies’ responses to CDP in 2023.
