Barclays has joined RE100 with a commitment to source all of its energy requirements from renewable electricity for its global operations by 2030, with an interim goal of being 90 per cent renewable by 2025.

The move will allow Barclays to reduce its global emissions by 80 per cent by 2025, once the interim target has been reached.

Sam Kimmins, head of RE100 said: “When one of the world’s largest banking institutions commits to one hundred per cent renewable electricity, the message is clear – sourcing clean power makes financial sense.”

To meet its RE100 target, Barclays will focus its efforts on adding additional renewable energy capacity to the market by signing power purchase agreements (PPAs) with energy suppliers. The UK and US will be the main focus points, as they represent over 70 per cent of the company’s footprint.

According to the latest RE100 Progress and Insights Annual Report, PPAs are growing in popularity as renewable sourcing strategies, and in 2017 represented 16 per cent of renewable electricity consumed by RE100 member companies. They are seeing particular growth in the US and India, where PPAs account for 20 per cent and 17 per cent of renewable electricity sourced by RE100 members respectively.

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