The world's top companies are falling short on using renewable energy, with nearly half not using electricity generated from clean sources such as solar and wind, a new report released by the CDP on the 'Energy Day' of COP 29.
Of the more than 900 companies evaluated, only 53% stated that they use renewable energy in their production processes. The survey also highlights that only one in ten companies studied has already committed to achieving carbon neutrality.
Last year's COP 28 established ambitious targets to triple renewable capacity and double the rate of improvements in energy efficiency and CDP assesses that achieving these goals will require a much larger and faster change in market behavior.
“Energy efficiency remains an under-exploited lever for progress, with less than 5% of companies setting efficiency targets. Most companies are still moving too slowly towards renewable electricity, despite it being in their business interest to do so,” said Amir Sokolowski, CDP’s Climate Change Director.
The nonprofit’s report also reveals challenges in transparency in corporate renewable energy data, progress on which is essential to raising ambition, deg effective markets and initiating new renewable projects. “One in four companies reported having third-party verification of their energy-related emissions,” the study highlights.
About CDP
Founded in 2000, CDP is a global non-profit organization that manages the world's environmental disclosure system for companies, cities, states and regions.
The entity is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Manager initiative.
In 2024 alone, more than 24,8 companies disclosed data through the CDP, including listed companies with more than two-thirds of global market capitalization.
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An answer
Dear friends, we can only regret this narrow vision of these companies. They are throwing money away, both in the economic-financial aspect and in marketing. Solar energy is at a stupendous gallop in of technological innovations and a sharp drop in costs. Large companies have a binomial contract, that is, they pay for the kWh consumed and contract for the demand in kW. The hybrid system with batteries offers an excellent alternative, as it can accumulate energy during off-peak hours and use it during peak hours, when energy is, on average, 4 times more expensive. As for energy efficiency, this is also no surprise to me. Another sector that is throwing money away. Engineer, professor, master in electrical engineering sciences, designer of solar generation, energy efficiency and electric vehicle charging stations, also with a carport and solar roof. Whatsapp (21) 997716277