RE100 issued their 2016 Annual Report highlighting that the cost of renewable power technologies is continuing to drop, which is strengthening the economic case for switching to renewable power.

Renewables now generate 22.8% of all global electricity use – and this is set to grow further still. Looking at economic data, changing policy, power capacity patterns and global demand, we can see that there are multiple reasons for this inevitable shift to renewable sources of power generation.

The shift that is currently underway can be accelerated if more companies use their purchasing power to procure and generate electricity from renewable sources. This is the focus of the RE100 campaign, led by The Climate Group in partnership with CDP.

As of January 2016, the RE100 campaign has over 50 companies on board – compared to 15 in January 2015. The companies in RE100 have different target years for reaching 100% renewable electricity. Many have set interim targets to help keep themselves on track. Most importantly, companies are not just setting targets, they are achieving them. the latest available data (2014) shows that on average, RE100 companies are 50% of the way to meeting their 100% renewable electricity goals. Some have already reached 100%. Taking into account interim targets and end goals for reaching 100% renewable electricity, it is projected that the current group will reach an average of 80% by 2020.

Read the full report here.