Large companies from across the world are embracing renewable energy as a part of their sustainability strategies, according to the ECOHZ sponsored Renewable Energy Insight Survey, released today. The results also highlight the importance of reporting frameworks, such as the Greenhouse Gas Protocol (GHG-P) and the Science Based Targets Initiative (SBTi), both considered by respondents as highly relevant.
Tom Lindberg, Managing Director at ECOHZ. Image Credit: ECOHZ
The ECOHZ Renewable Energy Insight Survey collected input from nearly 200 leaders from a range of industries and functions. The respondents come from more than twenty different countries and half of the respondents work in companies with more than five thousand employees. The survey was completed in October 2021.
Tom Lindberg, Managing Director at ECOHZ, said, “It’s great news that renewable energy is becoming the norm. After all the talk at COP26, the pressure on the business sector will increase, to do more. Credible ESG reporting will help distinguish real action from green-washing, and to deliver that we need proper measurement and accountability. There are numerous standards and reporting frameworks, and we see from our survey that some standards are considered more relevant than others. Alignment around policies, measures, tools and standards will be critical for speeding up and measuring actions to mitigate climate changes.”
Renewable energy key measure
More than half of the respondents in ECOHZ survey said that Energy Attribute Certificates (EACs) are “extremely relevant” to their sustainability strategies, whilst 40% of the respondents answered with an equally high score about Power Purchase Agreements (PPAs).
Convergence around reporting “standards and frameworks”
The findings in the survey also suggest that businesses are taking reporting very seriously and that some mainstream reporting standards are emerging as more important. Among a range of available standards and sustainability reporting frameworks, nearly half of the respondents said that the GHG-P is “extremely relevant”. The respondents further ranked SBTi and CDP as most relevant, ahead of other relevant standards.
Need for advice and new solutions
The ECOHZ Renewable Energy Insights Survey uncovers a strong demand for access to market insights and advice, as well as tailored tools for companies to manage their sustainability strategies. There is a strong interest in advisory services around the use of Power Purchase Agreements (PPAs), establishment of Net Zero roadmaps, as well as developing credible sustainability reporting structures.
Respondents also showed a positive and keen interest in using new technologies to purchase, report on and manage renewable energy solutions across all operations and geographies.
Tom Lindberg concluded, “Our survey suggests that large businesses truly embrace renewable energy as a crucial element of their sustainability strategies, and that they increasingly want to rally around credible and politically endorsed standards. They also recognize the need for external advice and market insights in the execution of their strategies. I absolutely agree with the sentiment from COP26, and with the political leaders who say that greening of the economy will bring significant opportunity”.