Event in South Korea on corporate sourcing aims to amplify the private sector’s role in accelerating renewable energy buildout in the Asia-Pacific region, aligning with global renewable energy targets.
Brussels, 2 September 2024: The private sector is pivotal in the clean energy transition, particularly through renewable power procurement. Globally, however, policies and market structures often create barriers and loopholes that hinder true renewable power procurement, reducing incentives for net-zero business models. To address these challenges, the Global Renewables Alliance (GRA) and Global Wind Energy Council (GWEC) are hosting a landmark event on corporate sourcing in South Korea. This event will convey leading energy buyers, sellers, and policymakers to unlock the renewable energy procurement potential in the Asia-Pacific (APAC) region and beyond.
Bruce Douglas, CEO of GRA and a pioneer in corporate sourcing, emphasised the significant opportunities of corporate sourcing in APAC: “Since 2008, corporates have committed to 198 GW in Power Purchase Agreements (BloombergNEF) globally, with the market growing 33% annually since 2015. This seventh consecutive year of record growth has driven substantial renewable energy investment. With the right policies and cooperation, corporations can further accelerate the energy transition.”
Douglas added, “Corporate electricity buyers, renewable energy suppliers, and policymakers have a unique opportunity to collaborate and support the global effort to triple renewable energy capacity. We will bring together key stakeholders at the corporate sourcing forum to discuss policy frameworks that facilitate, rather than hinder, the acceleration of the energy transition.”
On 26th November in Incheon, South Korea, the event, titled ‘Time 4 Action: Corporate Sourcing,’ will open its doors, alongside the APAC Wind Energy Summit. It is designed to foster collaboration and knowledge-sharing between corporate and public sector electricity buyers, renewable energy suppliers, and policymakers. The goal is to pool resources and coordinate activities to promote a supportive framework for corporate renewable energy sourcing, thereby achieving climate and energy objectives.
A broad coalition of partners, including RE100/Climate Group, ACEC, Sustainable Energy for All (SEforALL), CREF, and the World Resources Institute, highlights the extensive global support and interest in corporate renewable energy procurement. APAC’s strategic positioning is crucial to achieving the global target of tripling renewable energy capacity by 2030.
The Global Renewables Alliance (GRA) is a global alliance of renewable energy industry associations. It works with governments, industry, investors and other stakeholders to advance the policies, partnerships and investment needed to accelerate renewable energy deployment in line with the global 3xRenewables target to deliver secure, competitive and resilient energy systems.
Founded by the Global Wind Energy Council, the Global Solar Council, the Green Hydrogen Organisation, the International Geothermal Association, the International Hydropower Association, and the Long Duration Energy Storage Council, GRA provides a unified voice across wind, solar, hydropower, geothermal, green hydrogen, energy storage and grids.
