A report titled Power Forward 3.0 was published stating that “nearly half of all Fortune 500 companies are taking increasingly ambitious actions to reduce their greenhouse gas emissions and use more renewable energy” (Power Forward 3.0). This report was compiled by WWF, sustainability non-profit Ceres, Calver Research and Management, and the CDP. It focuses on how the largest companies in the United States are improving their bottom lines while taking action to increase their clean energy and energy efficiency efforts.
These actions are based on target goals set to reduce greenhouse gases, improve energy efficiency and increase renewable energy sourcing.
It was documented that of the 190 Fortune 500 companies included in the study:
- 23 companies have gone so far as to say they want to be powered 100% by renewable energy. Leading companies like Apple have committed to using 100% renewable energy and are telling their consumers how committed they are to fighting climate change and the threat it poses to their business
- 82 companies have set or committed to set goals in line with what science says is needed to avoid the worst impacts of climate change.
- 10% of American’s largest companies have committed to power their operations with renewable energy, such as wind or solar, instead of with fossil fuels that drive global warming
(World Wild Life)
These investments are important for companies to make because they are benefiting the planet, but also benefiting the business. “Businesses are reaping bigger and bigger cost savings from energy efficiency projects they have implemented to meet their targets, with 190 companies collectively reporting $3.7[USD] billion in annual savings” in 2016 (Power Forward 3.0).
Financial savings is the most obvious benefit, but more and more companies are considering the impact these actions will have on their reputation. Steps towards energy efficiency reflect positively on a company from a public relations and marketing perspective.