Companies more than doubled their renewable energy commitments in 2018

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Corporations signed 13.4 GW of clean energy contracts in 2018, up from 6.1 GW in 2017, according to the Corporate Energy Market Outlook released by Bloomberg New Energy Finance (BNEF) earlier this week. Purchasing power agreements (PPAs) from renewable energy producers were signed by 121 companies in 21 countries.

More than 60 percent of the global activity in 2018 took place in the US, where companies signed PPAs to purchase 8.5 GW of clean energy, nearly triple the amount in 2017. Facebook was the largest buyer among the US corporations, purchasing over 2.6 GW of renewable electricity globally in 2018, primarily through green tariffs with utilities.

In Europe, Middle East and Africa (EMEA region), corporations purchased record volumes of clean energy as well, signing deals for 2.3 GW and doubling the 1.1 GW signed in 2017. The...