Barclays, the transatlantic consumer and wholesale bank, has joined RE100 with a commitment to source 100% renewable electricity for its global operations by 2030, with an interim goal of 90% by 2025.
This will see Barclays l reduce its global emissions by 80% by 2025, once the interim target has been reached.
RE100 is a global leadership initiative led by The Climate Group in partnership with CDP, which now brings together more than 170 leading companies committed to sourcing 100% renewable electricity – massively scaling up demand for clean power.
Sam Kimmins, Head of RE100, The Climate Group, said: “When one of the world’s largest banking institutions commits to 100% renewable electricity, the message is clear – sourcing clean power makes financial sense.”
Elsa Palanza, Global Head of Sustainability & Citizenship, Barclays, said: “Banks have broad environmental and social impact – both through our own operational footprint, as well as through the ways that we mobilize capital, advise clients and develop products.
“Joining RE100 and committing to sourcing 100% of our electricity needs from renewable sources enables us to minimize our direct carbon emissions while we continue to work with our clients to help facilitate the global transition to less carbon intensive sources of energy”.
More renewables on the grid
To meet its RE100 target, Barclays will focus its efforts on adding additional renewable energy capacity to the market by signing power purchase agreements (PPAs) with energy suppliers. The UK and US will be main focus points, as they represent over 70% of the company’s footprint.
Al Williams, Barclays Chief Procurement Officer, said: “Companies have a crucial part to play in taking active steps to transition towards a low carbon economy. Our Procurement teams will be supporting our renewable energy strategy to meet the Bank’s RE100 commitments through negotiating our energy purchasing contracts and procuring energy from renewable generation sources.”
According to the latest RE100 Progress and Insights Annual Report, PPAs are growing in popularity as renewable sourcing strategies, and in 2017 represented 16% of renewable electricity consumed by RE100 member companies. They are seeing particular growth in the US and India, where PPAs account for 20% and 17% of renewable electricity sourced by RE100 members respectively.
“The RE100 initiative is a great way to invest in renewable technology while also reducing our environmental footprint, energy costs and enhancing the resilience of our electricity supply to allow us to serve our customers and clients,” added Williams.