Businesses are increasingly leading the way in accelerating the clean energy transition according to a new report.
The latest update from the RE100 campaign show its membership has grown by a third in the past year to top 200 businesses, with the businesses pledging to switch to 100% renewable energy including JD Sports, Intu, The City of London Corporation, Virgin Media, and Barclays.
It also found that 44% of members are already influencing their suppliers on renewable electricity, up from 36% during the previous year.
But the report from The Climate Group and CDP found that unfavourable government policies and market structures are inflating prices and making it harder to switch in places such as China and Russia.
Half of RE100’s members are planning to partner with and influence stakeholders – such as governments and energy companies – by the end of next year to help create markets for renewables.
Helen Clarkson, Chief Executive at The Climate Group, said: “At a time when United Nations’ research has said countries are underdelivering on climate action, leading businesses are stepping into the void left by national governments and accelerating the clean energy transition.”