Key findings from the report “Corporate Renewable Electricity Sourcing Trends 2024: Snapshot” by CDP are:
- 9,551 companies representing 3,571 terawatt-hours (TWh) of annual electricity purchasing (or nearly 13 per cent of global electricity generation) report on their electricity purchasing and location-based Scope 2 emissions through CDP.
- These companies currently claim, on average, to be purchasing 29 per cent renewable electricity, below the current global average of renewable resources in electricity generation
- Only 936 companies (10 per cent of companies studied), representing 647 TWh of annual electricity purchasing, set targets to consume 100 per cent renewable electricity, and choose a MWh-weighted average target year of 2033.
- Companies with these targets currently claim to be using 53 per cent renewable electricity. 75 per cent of the electricity purchasing studied in this report is from companies that set no targets to increase their renewable electricity purchasing. This ambition is insufficiently aligned with UNFCCC goals to triple renewable electricity capacity globally by 2030. Similarly, under 5 per cent of companies studied declared having an energy efficiency target, which is insufficiently aligned with UNFCCC goals to double the rate of annual energy efficiency improvements by 2030.
- While companies claim to be purchasing 29 per cent renewable electricity, companies only disclose in sufficient detail for CDP to recognize 16 per cent renewable electricity.
- Many companies, whether or not they make renewable electricity claims, fail to disclose market-based Scope 2 emissions.
- Power purchase agreements (PPAs) deliver 34 per cent of the renewable electricity purchasing studied across a subset of 4,595 companies providing more transparent detail on their renewable electricity claims.
Access the report here.
