RE100, the world’s leading 100% renewable energy target campaign, has once again made big news at Climate Week NYC 2017, announcing four more companies joining to commit to sourcing 100% renewable energy, including Citi and JPMorgan Chase & Co.
For the uninitiated, RE100 is an initiative set up by The Climate Group in partnership with CDP (formerly the Carbon Disclosure Project) to fast-track companies’ adoption of 100% renewable energy sourcing targets. Only last week RE100 announced the latest batch of companies joining the campaign — including big names like the Estée Lauder Companies and the Kellogg Company. Similarly, The Climate Group today announced the formation of EV100 — a new initiative designed to bring together companies committed to accelerating the transition to electric vehicles (EVs), and committing to switching their vehicle fleets to electric by 2030.
Announced on Tuesday during Climate Week NYC 2017, The Climate Group revealed four more companies joining RE100, including global financial institutions Citi and JPMorgan Chase & Co., which have both committed to sourcing 100% renewable power across their global operations by 2020.
“We are right alongside our clients in supporting the growth of renewable energy development and production,” said Michael Corbat, Chief Executive Officer, Citi. “We’re committed to using renewable power sources for our global operations while continuing to provide financing for our clients’ renewable energy and energy efficiency projects around the world.”
“Our commitment to source renewable power for 100% of our global energy needs by 2020 — which is paired with a plan to facilitate $200 billion in clean energy financing through 2025 — is driven by ‘out-of-the-box’ innovators and a commercial approach that will deliver a more resilient energy supply chain,” added Matt Arnold, Global Head of Sustainable Finance, JPMorgan Chase & Co.
Citi and JPMorgan Chase & Co. were joined by one of the fastest-growing beverage companies, Califia Farms, and UK investment management company Jupiter Asset Management. Califia Farms has committed to sourcing 100% renewable energy by 2020, while Jupiter Asset Management has a goal of sourcing 100% renewable energy for its electricity use by 2018.
“As a long-term active investor, we believe that climate change and energy transition carry risks and opportunities that warrant our attention,” explained Maarten Slendebroek, Chief Executive Officer, Jupiter Asset Management. “This initiative demonstrates Jupiter’s commitment to environmentally responsible corporate behaviour.”
“Califia Farms is committed to environmental stewardship across all facets of our business and we are excited to demonstrate that energy action is viable for companies of all sizes,” said Eli Steltenpohl, Sustainability Manager, Califia Farms. “We want to show how better-for you products can be produced in a better way, regardless of your industry or footprint.”
This brings the total number of companies committed to RE100 up to 110, which together now account for demand of more than 150 TWh of renewable energy annually.
“This year’s Climate Week NYC is jam-packed with the best examples of corporate leadership — from cleaner, smarter energy choices through to ambitious commitments on electric transport,” said Helen Clarkson, Chief Executive Officer, The Climate Group. “Companies joining RE100 recognize that renewable power is a smart business decision. Their leadership will help to shape energy markets away from fossil fuels and deliver on the Paris Agreement at speed.”