This is the fifth in a series of blog posts about renewable energy options for retailers.
As retailers look to reduce their environmental footprint and grow renewable energy investments, RILA continues to hear from our members that understanding the ever-changing renewables procurement landscape can be challenging. That's why we are developing a new renewable energy guide, which highlights fundamentals of different procurement options and key considerations, specifically for retailers.
In a series of blog posts, we'll be outlining various topics featured in the guide; the fifth in our series, Global Procurement, is outlined below. We are excited to share the chapters one by one, and to work with partners like Schneider Electric in their development.
What is Global Renewable Energy Procurement?
While the U.S. and Europe have historically dominated the global renewable market, policy advances, technical developments, and price decreases have fostered the emergence of renewable energy markets in Australia, Asia, Africa, and Latin America. Now, multinational retailers can also match their international load with credible, clean energy options.
Who uses them/What are the key benefits?
Companies with multi-national operations can use global procurement to achieve their renewable energy targets, comply with requirements under the Greenhouse Gas Protocol Scope 2 Guidance, and take advantage of PPA schemes in emerging markets.
Corporate energy buyers are reaching beyond the borders of North America to purchase energy attribute certificates (EACs)—an umbrella term for renewable energy certificates (RECs), guarantees of origin (GOs), International RECs (I-RECs), and other certificates of origin—and pursue onsite and offsite renewable energy projects.
Leading retailers are exploring and advancing the developments of renewable markets worldwide. Apple has invested directly in solar projects in China, Mongolia, and Singapore. GM, Volkswagen, and Walmart have each completed offsite power purchase agreements (PPAs) in Mexico. Google, Nestle, and Mars have all signed renewable energy deals in Northern Europe.
Is a Global Procurement solution right for you?
- Favorable economics
- Compliance is key
- Numerous co-benefits
- Potential incentives
- Market maturity varies internationally
- Matching contractual instruments to operational markets can be challenging
Ready to move forward with Global Procurement?
Like any renewable energy initiative, resources and advising can help improve and develop your company's strategic energy plan. By engaging with a renewable energy advisor like Schneider Electric, insight from the Center for Resource Solutions, and communicating with the RE100 on how many influential companies are engaging with global markets, your company has the tools to move forward with Global Procurement.
To learn more about Global Procurement solutions, if they're a viable option for your company, and next steps for moving forward, access the full chapter in the renewable energy guide here and all the chapters published so far here. For more information about RILA's renewable energy initiatives, contact Erin Hiatt