“If companies stand on the sidelines for too long, they risk falling behind their competitors in terms of saving on energy costs, reaching sustainability targets and meeting changing customer expectations.” CEC Chief Executive Kane Thornton said there was a strong business case for investing in renewable energy.
“With the cost of renewable energy falling so rapidly this decade and public support so strong, investing in clean energy is really a winwin for Australian businesses.
ARENA Chief Executive Officer Ivor Frischknecht said that Australian companies could benefit greatly from adopting renewable energy. Consumers are more likely to reward companies that take the plunge with greater loyalty and higher tolerance of price fluctuations that may come with renewable energy procurement.
Using renewables helps create a positive impression of a business.” Mr Frischknecht said.
Just under half (46 per cent) of Australian companies are actively procuring renewable energy, but for most of these companies renewable energy accounts for 10 per cent or less of their energy use.
However, Australian companies appear to be falling behind their global peers.
Seven of world’s largest companies plan to be 100 per cent powered by renewable energy in the long term.
In the US, nearly twothirds of Fortune 100 and nearly half of Fortune 500 companies have set ambitious renewable energy or sustainability targets.
“The business sector is starting to switch on to the fact that the smart money is now in renewables as a way to address rising and volatile power prices.
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