As COP29’s Energy Day kicks off, a stark new report from non-profit CDP highlights a troubling shortfall in corporate renewable energy adoption. Nearly half of the global companies analyzed use no renewable electricity, underscoring the urgent need for accelerated action to combat climate change.
The report analyzed nearly 10,000 companies, accounting for a quarter of global commercial electricity use—comparable to the annual electricity consumption of India. It found that only 10% of companies have committed to sourcing 100% renewable electricity, with companies that have set targets achieving an average of 53% renewable electricity in their energy mix.
This slow pace contrasts sharply with the ambitious goals set during last year’s COP28, which called for a tripling of renewable energy capacity and doubling the rate of energy efficiency improvements. According to CDP, the market behavior shift needed to meet these goals must happen urgently.
Despite the dual benefits of cost savings and emissions reductions, less than 5% of companies have implemented energy efficiency targets—an untapped area with significant potential for impact.
“Super Users” Hold Key to Transformation
The report identifies 682 “super user” companies, which collectively purchase more than 75% of all disclosed electricity. While over 80% of these large corporations reported some level of renewable energy use, their average share of renewables—33%—lags behind smaller companies, which report a 47% share.
These “super users,” each consuming at least one terawatt-hour annually (equivalent to the electricity needs of 95,000 U.S. households), have significant potential to drive market transformation. Companies like Deutsche Telekom, Microsoft, and Robert Bosch are leading by example, with renewable energy usage exceeding 90%.
Transparency Challenges and Call to Action
The report also underscores transparency gaps in corporate renewable energy data, which hinder progress. While 29% of companies claim to source renewable electricity, only 16% of these claims are independently verifiable by CDP. Additionally, just 25% of companies report third-party verification for their energy-related emissions.
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