More Companies Pursue Renewable Energy and Other Sustainability Applications Thanks to Improved Costs and Extra Benefits
Besides resource self-sufficiency and safeguarding against unfavorable energy market conditions, an increasing number of companies are pursuing renewable energy options for their operations.
A sustainable resource infrastructure comes with numerous benefits that simply aren’t matched by their fossil-fuel counterparts. From turning waste into high-value byproducts; harnessing energy from a variety of sources; to the potential of generating all needed utilities on-site, with backup of a microgrid, and more. Regardless of government policies on the matter, an increasing number of companies are supporting sustainability projects to help boost their operating potential. We previously highlighted how businesses support a transition to 100% renewables, and economics are making that increasingly lucrative.
Doubling down on these findings is a new report published by Apex Clean Energy, in partnership with the GreenBiz Group, which surveyed more than 150 respondents from companies with annual revenues of greater than $250 million, and found that corporate buyers are increasingly looking to renewable energy sources as a cost-competitive source of new power generation that also adds a protective screen against volatile energy prices. Specifically, 84% of those surveyed are actively pursuing or currently considering purchasing renewable energy over the next five to ten years, while 43% plan to be more aggressive in the next 24 months.
57% of those companies surveyed had renewable energy targets, with the primary drivers focusing on addressing energy and emissions goals (70%) and demonstrating corporate leadership (65%). Further, while 65% of companies surveyed listed price as a factor in driving their renewable energy purchasing, more than a quarter of respondents also highlighted value, energy intensity of facilities, length of contract, and credit toward goals.
On topic of renewable economics, Team Gemini has highlighted an insightful guide for renewable energy financing, and recent changes in fossil fuel outlooks. The bottom line is that there are an increasing number of indicators about improving cost competitiveness of renewables. And with progressing energy investments, policy frameworks, and other factors, project developments and investments become more feasible.
Design and development of projects are essential in creating economic viability, as numerous cost factors, technology configurations and applications, and other details vary from location to location. Team Gemini and its industry connections are part of this process, helping ensure that all requirements are met and implemented for clients to most effectively apply sustainability measures in their operations. This includes industry facilities that require a high energy and other resource intensity in their operations.
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