Global financial software, data and media company Bloomberg has become the latest organisation to join The Climate Group’s RE100 campaign by setting an ambitious new goal to be 100% powered by renewable electricity by 2025.
Bloomberg’s commitment furthers the company’s ongoing efforts to prove that sustainable business practices are good for the environment and good for business.
The move comes ahead of the release of the 2015 Bloomberg Impact Report later this month, which will reveal the full extent of its efforts around renewables and sustainability.
Launched by The Climate Group and CDP in 2014, RE100 has already signed up over 100 high-profile firms including M&S, Coca Cola, BMW and Ikea. The initiative works to assist major companies source 100% renewable power.
“RE100 convinced us that they had gathered a strong coalition of committed companies, dedicated to real outcomes. That’s exciting to us. Collaborating with other companies who are demonstrating that distributed clean energy makes business sense, will allow all of us to have a greater impact in bringing other companies along,” says Curtis Ravenel, head of Bloomberg’s Sustainable Business and Finance Team.
Bloomberg’s commitment furthers the company’s efforts to prove that sustainable business practices are good for the environment and good for business.
Bloomberg’s commitment to 100% renewable power is an ambitious goal – although the company has long been committed to integrating sustainability into its business model – Bloomberg was only sourcing 1% of its electricity from renewable energy in 2015. In 2013, the company set a target to use 35% renewable electricity by 2020 and it is making good progress; expecting to source 21% from renewables by the end of 2017.
Having previously purchased renewable energy credits (RECs) as a means of reducing its carbon footprint, Bloomberg has shifted its efforts to developing renewable power generation projects either on-site or nearby to offices and data centers.
Amy Davidsen, Executive Director, North America at The Climate Group, said: “Bloomberg is the first US company to join RE100 post Paris and we are delighted to see their continued progress. The company recognizes that renewable power will help to lower costs, reduce risk and contribute to a cleaner, healthier future – a win for both business and the environment.
She added: “There’s a huge opportunity for businesses to deliver emissions cuts via renewables and Bloomberg’s leadership is exactly what we need to inspire many more companies to make the switch to renewables, too.”