• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 1 hour China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 2 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 14 mins Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 34 mins US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 1 day Iran Is Winning Big In The Middle East
  • 1 day IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 22 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 22 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 7 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 7 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 8 hours US to Drown the World in Oil
Alt Text

A Booming Niche In Energy’s Hottest Market

The battery recycling market is…

Alt Text

The Biggest Hurdle In The Race To 100% Renewable Energy

Though tremendous progress has been…

Alt Text

The Biggest Problem With Renewables

The world economy is quickly…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Big Tech Joins Renewable Energy Buyers Alliance

Some of the largest companies in the United States have teamed up on a clean energy buying initiative aimed at motivating more businesses to switch to renewable energy as part of efforts to drive down emissions.

The group, which involves Google, General Motors, and Walmart, among others, calls itself the Renewable Energy Buyers Alliance and also includes renewable energy providers with the goal of bringing together buyers and sellers of this energy for a lower-emission future.

The reason for the existence of REBA is simple: as the initiative says on its website, the commercial and industrial sector is the biggest contributor to greenhouse gas emissions so it would make sense for it to do something about reducing this contribution, and fast. The fastest way, according to REBA, is to buy more renewable power.

The group, which to date has more than 200 large corporate entities buying solar and wind power as well as 150 renewable power developers and service providers, aims to make this energy-buying process easier for all involved. The ultimate goal is to expand renewable energy buying to tens of thousands of companies of all sizes and “catalyze 60 GW of new renewable energy by 2025.”

“This is really about bringing as many players to the market as possible and giving everyone access to clean energy,” CNBC quoted Google’s head of energy market strategy, Michael Terrell.

The renewable energy-buying drive will also stimulate more solar and wind capacity additions, of course: demand for more renewable energy will spur more renewable generation capacity. Just last year, the size of renewable electricity purchase deals was equal to generation capacity of 16 GW. By 2025, as REBA plans, it should grow to 60 GW. For context, the current installed wind power capacity in the United States is 94 GW, and solar capacity totaled 51 GW at the end of 2018, according to the Energy Information Administration.

Related: Alberta’s Price-Correcting Plan Backfires

Renewable energy buying by Apple, Disney, GM and their likes has been instrumental in driving the growth of renewable energy installations over the last decade. According to EIA data, this growth has been impressive: wind power capacity in 2008 was just 25 GW and solar was even worse off, at 1 GW of installed capacity. A consistent decline in costs and political and regulatory support have helped this growth as well.

However, there are still political and regulatory obstacles in the way of new entrants into the renewable energy buying market, REBA founders say. One of its goals, therefore, would be to remove these barriers by sharing its members’ expertise in the field, built over the years since early adoption. Sealing a renewable energy deal, according to Google’s Terrell, should be as easy as clicking a button. It is not, however, and the alliance will work to change this.

It’s likely we will see a lot more renewable power initiatives in the wake of an International Energy Agency report that found carbon emissions reached 33.1 gigatons last year, breaking their previous record. The record-breaking figure was a result of a sharp increase in energy demand globally, the IEA’s  Global Energy & CO2 Status Report said. Since energy demand will only continue to grow with a growing world population, renewable energy adoption would indeed have to accelerate and expand substantially if it is to make a lasting difference.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play