New report encourages corporates to support renewable energy globally
Global | Knowledge | October 26, 2016
Global law firm Norton Rose Fulbright, together with EY has authored a report for the World Business Council for Sustainable Development (WBCSD) looking at Corporate Renewable Power Purchase Agreements (PPAs); created in collaboration with member companies of WBCSD’s Corporate Renewable PPA forum.
The ‘Corporate Renewable Power Purchase Agreements: Scaling up globally’ report illustrates the benefits of buying renewable power via PPAs for companies and developers alike. PPAs have become a popular tool for corporate buyers of any sector to effectively ensure economic and sustainable purchasing and the report provides guidance on key aspects of renewable PPAs.
More than 40% of Fortune 500 companies now have targets relating to renewable energy procurement, energy efficiency or cutting GHG emissions. This fast-growing number of companies is procuring power from renewable sources to reduce their carbon footprint and showcase leadership, as well as to mitigate energy procurement costs and risks.
The report walks companies through the opportunities that PPAs offer. It also addresses the obstacles corporate buyers and developers face as they plan and negotiate PPAs and proposes valuable solutions for corporate buyers and developers. The report takes a global approach highlighting countries that present the best potential for corporate renewables - such as Chile and Argentina or India.
Simon Currie, global head of energy, Norton Rose Fulbright, comments:
“The drive for sustainable supply chains encourages corporations to procure energy from sustainable sources on a global basis. Changing your energy procurement strategy is not a simple or overnight task. This guide provides practical insights for corporations so they can overcome the challenges and move towards a lower carbon future which doesn't cost the earth.”
Maria Mendiluce, Managing Director for Climate & Energy at WBCSD, comments:
“In the many workshops and webinars we organized throughout 2016, corporate buyers spoke with developers, utilities, but also with financial and legal stakeholders to jointly find solutions as an industry. The report is an excellent source of information for companies considering PPAs as one option to buy renewable power.”
Norton Rose Fulbright is at the forefront of corporate PPA transactions having most recently advised Nestlé on its direct PPA for 50% of its UK demand. The firm’s global team continues to support key players on the upscaling of renewable energy procurement across multiple countries and regions. We believe that key markets for 2017 will include South Africa, Chile, Australia and Mexico.
For further information please contact:
Meeta Vadher, Senior PR Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595 886 276
meeta.vadher@nortonrosefulbright.com
Notes for editors:
Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.
Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.
Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.
For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices.
About WBCSD:
WBCSD is a global, CEO-led organization of over 200 leading businesses and partners working together to accelerate the transition to a sustainable world. We help make our member companies more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment and societies.
Our member companies come from all business sectors and all major economies, representing a combined revenue of more than $8.5 trillion and 19 million employees. Our global network of almost 70 national business councils gives our members unparalleled reach across the globe. WBCSD is uniquely positioned to work with member companies along and across value chains to deliver impactful business solutions to the most challenging sustainability issues.
Together, we are the leading voice of business for sustainability: united by our vision of a world where more than 9 billion people are all living well and within the boundaries of our planet, by 2050.