Bloomberg Signs Renewable Energy Buyers’ Principles

Bloomberg Signs Renewable Energy Buyers’ Principles

Friday, July 11, 2014 - 5:35pm

CAMPAIGN: Bloomberg: Sustainable Finance

CONTENT: Press Release

Originally posted by World Resources Institute

July 11, 2014 /3BL Media/ - Seeking to increase availability of cost-competitive renewable energy to run their businesses, 12 leading companies today signed the Renewable Energy Buyers’ Principles to better communicate their purchasing needs and expectations to the marketplace. The companies – Bloomberg, Facebook, General Motors, Hewlett-Packard, Intel, Johnson & Johnson, Mars, Novelis, Procter and Gamble, REI, Sprint, and Walmart – are hoping the principles will open up new opportunities for collaboration with utilities and energy suppliers to increase their ability to buy renewable energy.

With a combined renewable energy target of 8.4 million megawatt hours (MWh) per year through 2020, the 12 participating companies are seeking a market shift to achieve their sustainable energy goals. Large-scale buyers often have to work around traditional utilities to purchase renewables at competitive prices at the scale they need, increasing complexity and transaction costs. World Wildlife Fund (WWF) and the World Resources Institute (WRI) recognized the need for clearer guidelines and convened leading companies to create the Buyers’ Principles.

“These companies are leading the market in creating demand for renewable energy. The Buyers’ Principles provide sound guidance to the market providers,” said Suzanne Apple, senior vice president for private sector engagement for WWF. “Some of America’s largest companies are embracing renewable energy, and their collective demand requires the market to keep pace.”

The Buyers’ Principles outline six criteria that would significantly help companies meet their ambitious purchasing goals:

  1. Greater choice in procurement options,
  2. More access to cost competitive options,
  3. Longer- and variable-term contracts,
  4. Access to new projects that reduce emissions beyond business as usual,
  5. Streamlined third-party financing,
  6. Increased purchasing options with utilities.

Read the full release here and the Renewable Energy Buyers' Principles here

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