Renewable electricity surges ahead in business energy procurement

More than 180 major Indian and global businesses operating in India procured almost a quarter of their electricity needs from renewable energy in 2022 in the country, driving forward the demand for renewable energy in one of the biggest economies in the world. This is according to RE100’s latest Annual Disclosure Report. 

Renewable electricity sourcing saw a 5% jump to 23% in 2022 from 2021, when companies sourced 18% of their electricity needs from renewables.  

With an increasing share of RE100 companies operating in India, the report also documents an increase in total electricity demand of RE100 members in India from 12 TWh in 2021 to 17 TWh in 2022.  

48% of renewable electricity purchased by RE100 members in India was sourced from wind/solar projects, 39% came from hydropower.  

Atul Mudaliar, Director of Systems Change – India, Climate Group said of the development: 

“For years, renewable electricity was not seen as a viable option for meeting industry-scale energy requirements in India. The latest RE100 report shows that this is actually not the case, and many more major businesses in India have started using renewables for their energy needs. This growing demand for renewable electricity is extremely encouraging.” 

RE100 is a global group of over 400 influential businesses in 120 markets committed to using 100% renewable electricity by 2050 at the very latest; almost half of them (185) are based or have business in India. Its purpose is to accelerate change towards zero carbon grids at scale.  

RE100 complements another initiative – EP100 which is a global group of over 120 energy smart companies, operating across 157 markets globally, committed to measuring, optimising and reporting on their energy efficiency improvements. In a promising push to India’s net zero goals 10 major Indian businesses are on track to double their energy productivity, according to Climate Group’s latest EP100 Annual Disclosure Report.   

The RE100 annual disclosure report is available here.  

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