New Index Tracks Voluntary Corporate Renewable Energy Usage

This week Vestas Wind Systems of London and Bloomberg New Energy Finance of New York City unveiled their joint project, the Corporate Renewable Energy Index (CREX).  The goal of the index is to clearly lat out what companies are using renewable energy, where that energy is coming from, and how much renewable energy they are utilizing compared to conventional energy.  The idea is that ultimately the availability of this newly quantified information will help corporations (and interested consumers) see where they fall in terms of being “green” and will encourage them to derive more of their energy needs from renewable sources.

The survey provides data for the years 2009 and 2010, and was conducted beginning in November 2010.  The preliminary results provided by the report will be continuously updated to track progress and maintain transparency.  Vestas Wind Systems and Bloomberg New Energy Finance see transparency as tantamount.  They believe that transparency will benefit consumers who wish to make informed and green purchasing decisions, corporations who need to know what industry leaders are doing, investors who want to analyze risk in a company’s energy management and supply, NGOs who need to assess corporate actions in order to affect change, and policy makers who must understand the implications of their decisions regarding energy policy.

Vestas Wind System and Bloomberg New Energy Finance began the study by sending out surveys to the 1,000 largest businesses in the world based on market capitalization.  Of those corporations, 176 firms completed the survey.  According to the report, the CREX “represents the most comprehensive snapshot to date of corporate voluntary renewable energy purchases… it is the largest and most global ever conducted to measure this corporate activity.  In 2010 two U.S. based corporations topped the list: Kohl’s Corporation and Whole Foods Market Incorporated.  Both procured more renewable energy than they actually consumed.  

Noteworthy findings of the study are as follows:

Purchasing of renewable energy is increasing, but renewable energy consumption still makes up only a small part of overall corporate energy consumption:

Wind is the most prevalent source for renewable energy among large corporations:

European corporations tended to use more renewable energy than their American or Asian counterparts:

CREX respondents historically outperform their peers:

To read the full report, please click here.

Photo credit: blog.epa.gov/blog/2008/09/10/science-Wednesday-better-together-wind-and-solar-power-in-california/

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