Major multinational companies are urging European leaders to set a target for renewables of at least 35% when EU energy ministers meet next week.
Tech giants and global companies such as Amazon, Facebook, Google, IKEA, Microsoft, Philips and Unilever penned a letter to EU energy ministers, saying such an ambitious target would encourage their investment in wind and solar power purchase agreements (PPAs).
According to reuters.com, 50 big firms called on EU energy ministers to lift all regulatory barriers to PPAs, to which firms are increasingly turning to source electricity needed for energy-intensive data centers or to run heavy machinery.
Pointing towards the post-2020 Renewable Energy Directive (RED), the letter urges ministers to set a more ambitious target to send the kind of long-term investment signals that could potentially “unlock” corporate renewable power purchase agreements, which the group of companies says remains “largely untapped”.
According to cleanenergynews.co.uk, the letter was the work of the RE-Source Platform, a collaboration of trade bodies such as the RE100, Climate Disclosure Project and SolarPower Europe, launched to enable greater sourcing of renewable energy by European corporates.
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