• RE100 members are transitioning 570TWh of electricity per year to be 100% renewable by 2050, larger than the annual electricity use of South Korea.
• In 2024 alone, an additional 56TWh per year was committed to going 100% renewable by new members – greater than the annual electricity consumption of counties like Ireland, Denmark, and New Zealand.
• A new report from BloombergNEF shows RE100 members have now signed a total of 57GW of renewable purchases globally.
The RE100 campaign keeps gaining momentum as the combined annual energy use of RE100 – companies that are transitioning to 100% renewable electricity by 2050 at the latest – has overtaken that of South Korea. The consumption of over 430 RE100 members now surpasses 570TWh per year – greater than South Korea's total annual consumption of 546 TWh in 2023.
In 2024 alone, 56TWh per year was committed to 100% renewable electricity through RE100, greater than the annual electricity consumption of counties like Ireland, Denmark, and New Zealand.
This milestone moment means that when all RE100 members meet their renewables targets, it will be like South Korea switching to 100% renewable electricity. As South Korea’s government finalises its 11th Basic Plan for Electricity Supply and Demand,RE100 is urging the government to recognise this enormous corporate demand for renewable electricity.
Korea currently has one of the lowest renewables targets in the OECD group of nations – the draft 11th plan released in May this year held the renewables target for 2030 at just 21.6%. What’s more, the current target is for ‘new’ energy and renewables, meaning it’s not exclusively related to renewables and includes other non-renewable sources. South Korea mustn’t delay any further and needs to increase its ambition on renewable electricity in the 11th Basic Plan, to unleash renewables, unlock corporate investment, and enable RE100 members to meet their renewable electricity targets, says RE100.
RE100 has 36 Korean headquartered members, and over 160 members who work in South Korea. RE100 welcomes South Korea’s recent increases in renewable generation, and in recent years renewables procurement by RE100 members has increased from 2% to 9% in Korea, but South Korea must increase its renewables ambition to meet the 60TWh per year energy needs of RE100 members in the country.
As RE100 welcomes new, large corporates to the campaign, it’s clear that the global race to renewables is unstoppable. With RE100 members now overtaking South Korea’s annual energy consumption, corporate demand for renewables is booming. Korea must capitalise on this by increasing its ambition in the 11th Basic Plan. Corporates stand ready to invest in the country’s renewables future, and we urge the government to seize this opportunity to send a strong signal to the market.
Ollie Wilson, Head of RE100, Climate Group ,Of the 10 largest electricity consumers joining the initiative in 2022, seven are headquartered in Korea. Plus, RE100’s largest electricity user is a Korean company. As countries need to submit their updated climate action plans (Nationally Determined Contributions) in February, Korea has a chance to demonstrate leadership on the global stage, secure its competitiveness in the international marketplace, and create a pro-renewables environment that accelerates RE100 members towards their goals.
Policymakers in Korea must match corporate ambition, unleashing renewables by tearing down the policy barriers that block companies from investing in Korea’s energy transition
Ollie Wilson, Head of RE100, Climate Group ,According to a new report from BloombergNEF, as of June 2024, RE100 members have signed a total of 37GW of solar and 20GW of wind purchases across the globe. By 2030, BloombergNEF has forecasted RE100 members will have signed an additional 100GW of power purchase agreements (PPAs), emphasising the power of corporates to shift renewables markets, according to RE100.
RE100 advocates for the implementation of the RE100 South Korea Policy Recommendations to enable the growth of corporate renewable electricity procurement in South Korea.
The policy recommendations are: