Ralph Lauren has promised to source 100 per cent renewable electricity by 2025 | Credit: Ralph Lauren
US fashion giant Ralph Lauren becomes latest global business to promise to source 100 per cent renewable electricity
The RE100 campaign has passed the 200 member milestone, after it was today confirmed that US fashion giant Ralph Lauren is among the latest companies to commit to sourcing 100 per cent renewable electricity.
The company announced it intended to source all its power globally from renewables by 2025, making it one of four new members announced today by the RE100 campaign. Taiwanese health food manufacturer Grape King has also joined, alongside Japanese construction company Hazama Ando Corporation, and US toy company Radio Flyer.
The new additions take RE100’s total membership up to more than 200 businesses, including a raft of household names such as Google, Facebook, and AB InBev.
On average, members have promised to use only renewable electricity from 2028 onwards, RE100 said. More than 30 companies are already running on 100 per cent renewables, and one in three RE100 members already source more than 75 per cent of their power from renewables, it added in an update timed to coincide with the first day of the COP25 UN Climate Summit in Madrid.
However, a survey of members also released today by The Climate Group, which runs RE100, suggests companies are being held back from faster renewables adoption by obstructive government policy environments.
Unfavourable policy and market structures are inflating prices and making it harder to switch to renewables in places such as China and Russia, members reported.
In particular, members said higher government targets for renewable generation would accelerate the growth of green power supply to the market, and give firms access to newer technologies such as offshore wind or geothermal power.
“With 10 years left to halve greenhouse gas emissions, it is vital that governments respond faster to rising demand for renewable energy,” said Helen Clarkson, CEO of The Climate Group. “Without decisive action, countries and the energy sector risk losing out on billions of US dollars in investment from RE100 companies.”
Source: – Business Green