According to Bloomberg NEF (BNEF), corporations have been buying record amounts of clean energy through power purchase agreements (PPAs) in 2019, growing the market by 44 per cent over 2018.

In BNEF’s 1H 2020 Corporate Energy Market Outlook, some 19.5GW of clean energy contracts were signed by more than 100 corporations in 23 different countries in 2019, and whilst the US led the way, this made the demand a truly global phenomenon.

Technology companies dominated clean energy procurement with Google signing contracts to purchase over 2.7GW of clean energy globally in 2019, Facebook signed 1.1GW, Amazon 0.9GW and Microsoft 0.8GW.

Also a number of oil and gas companies signed clean energy deals, such as Occidental Petroleum, Chevron and Energy Transfer Partners.

Kyle Harrison, a sustainability analyst at BNEF and the lead author of the report, commented: “The clean energy portfolios of some of the largest corporate buyers rival those of the world’s biggest utilities. These companies are facing mounting pressure from investors to decarbonise – clean energy contracts serve as a way to diversify energy spend and reduce susceptibility to the tangible risks associated with climate change.”

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