The latest trends in renewable energy procurement

The Renewable Energy Buyers Alliance (REBA) released their State of the Market report summarizing the trends in corporate clean energy buying. And despite a challenging year caused by the pandemic, businesses remain enthusiastic about renewables and are putting their wallets where their mouths are. 

The report shows that more diverse companies participate in more renewable energy contracts, with tech being a major player. But renewable energy purchasing isn’t limited to those companies—heavy industries like steel and machinery are also beginning to sign deals. 

Companies are also looking for ways to take advantage of scale and convenience by pushing for technologies and policies that will wring carbon out of the electric mix on the grid.

Finally, companies are becoming more sophisticated in ensuring their investments are net social positives. That means asking for enhanced labor and sourcing standards from energy suppliers.  

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“Last year was a record one for renewable procurements, with new U.S.-based capacity topping 10 gigawatts. The year was bolstered by the last quarter, when transactions related to almost three-quarters of the year’s capacity were signed. That momentum is carrying into 2021, according to REBA, with deals announced in the first quarter exceeding the total annual capacity of each year prior to 2018…

In this way, the new State of the Market report isn’t just an objective reflection of corporate procurements. Rather, it’s a signal to energy buyers about what the market could become and if they align priorities. And when it comes to the next generation of corporate procurement, energy buyer trendsetters are pushing for more than quantity; they’re pushing for quality.”

Read the full story at GreenBiz.