Corporations Increasing Investments in On-Site Renewables and Tradeable RECs
A few months back I asked whether corporations should have their own green stimulus plan, and whether we could pressure giant companies to invest more in the clean energy technologies we need. From Google's investments in residential solar to Ikea's commitment to solar and wind power, pioneering businesses are already doing more than many governments in kick-starting the new economy. Now Victoria Kenrick over at Renewable Energy World reports that this is a broader trend—corporate executives are increasingly relying on both on-site renewables and tradeable Renewable Energy Credits (RECs) as a key part of their business sustainability strategies:
Another example of corporate investment is Samsung, which aims to provide renewable energy to the grid through the FiT initiative. This autumn Samsung acquired a 180-MW wind project in Ontario, another in the company's growing portfolio of renewable energy projects; earlier this year it purchased land development rights to expand the previously planned South Kent Wind Farm in the U.K. to 270 MW, and in 2009 the company signed a Green Energy Investment Agreement to establish four manufacturing plants in Ontario and develop up to 2500 MW of renewable energy projects.
With the ferocious cost reductions in the solar industry showing no signs of abating, this is a trend that looks set to continue for some time to come. Given the narrative around the age of austerity and Government unwillingness to tackle the Story of Broke, we should be grateful that at least some corporate players are ready to step up to the plate.