The world witnessed a surge in corporate sustainability commitment in 2019 as corporations purchased a record amount of clean energy through power purchase agreements (PPAs), which were up by 40 per cent from the previous year’s record.

A total of 19.5GW of clean energy contracts were signed by more than 100 companies in 23 different countries in 2019, according to ‘1H 2020 Corporate Energy Market Outlook’, published by BloombergNEF (BNEF). In 2018 the figure reached 13.6GW and in 2017 it was less than a third of 2019’s level.

In terms of total global renewable energy capacity added last year, this represents a share of more than 10 per cent and an investment of US$20-30bn.

“Corporations have purchased over 50GW of clean energy since 2008. That is bigger than the power generation fleets of markets like Vietnam and Poland. These buyers are reshaping power markets and the business models of energy companies around the world, ” according to BNEF’s lead sustainability analyst, Jonas Rooze.

North America accounted for 15.7GWA of the total, mainly through investments in the USA (13.6GW) while in Europe, Middle East and Africa, renewable energy investments to the tune of 2.6GW were made. Latin America signed up for an additional 2GW with Brazil and Chile as front runners. Corporate PPA activity in Asia Pacific proved muted.