Corporate Renewable Electricity Sourcing Trends 2024 Snapshot

The 2024 CDP Report on Corporate Renewable Electricity Sourcing Trends provides critical insights into corporate renewable energy adoption and highlights the pivotal role of EACs in enabling businesses to achieve their sustainability goals.

Corporate Renewable Sourcing: Where Do We Stand?

Rising Ambitions for 100% RE Targets

Companies with 100% RE goals now report using 53% renewable electricity on average, showcasing steady progress toward full decarbonization.

The CDP Energy Report 2024 provides a snapshot of progress in corporate renewable energy adoption. It examines the energy use of 9,551 companies, representing nearly 13% of global electricity demand. These companies reported purchasing 3,571 TWh of electricity annually, with renewable energy accounting for 29% of their total electricity consumption.

Remaining Gaps in Renewable Energy Reporting

However, the report also identifies gaps in renewable energy adoption. While companies claim to be using 29% renewable energy, only 16% of these claims met CDP’s rigorous standards for transparency and credibility. This discrepancy highlights the need for verified renewable energy instruments, such as EACs, to ensure reliable reporting and drive further adoption.

EACs: A Widespread and Trusted Mechanism

1,206/4,595 companies reported using unbundled EACs

EACs as a RE solution help to deliver nearly 275 TWh of renewable energy. This reinforces the credibility and accessibility of EACs as an effective tool for meeting corporate RE targets.

EACs have emerged as a flexible and effective solution for businesses seeking to decarbonize their operations. Unlike power purchase agreements (PPAs), which are often limited to large electricity consumers, EACs are accessible to companies of all sizes. This inclusivity makes them an indispensable tool in the global energy transition.

Companies can make credible claims and help to promote the RE market

Through EACs, companies can make credible claims about their renewable energy usage, even in regions with less developed energy markets. Verified EACs not only ensure transparency but also help businesses demonstrate their commitment to sustainability, which is increasingly valued by stakeholders, customers, and investors.

Moreover, EACs stimulate market demand for renewable energy, sending a strong signal to developers to accelerate the creation of new green energy projects. This dynamic creates a positive feedback loop, further driving the expansion of renewable capacity worldwide.

Access the CDP report here.

Keen to purchase EACs to achieve your RE100 goal?

Contact Monsoon today to learn more about our EAC solutions and how we can help you achieve your RE100 goals.

Monsoon is a trusted leader in Renewable Energy Certificates (RECs), specializing in emerging markets. We provide credible and traceable EACs from diverse projects across Asia, ensuring transparent and reliable traceability. Our expert team offers customized solutions tailored to your specific RE100 needs.