Spain-based telecommunications company Telefonica is upping its renewable energy goal of 50% by 2020 to 100% by 2030.
The company, a new member of RE100, says 44% of its electricity consumption already comes from renewables – which is equivalent to the average annual consumption of 203,749 households. Further, Telefonica has doubled its use of renewable energy from 21% one year ago.
Telefonica says it is raising its goal, as well as reducing its energy consumption, in support of the Paris Agreement. Telefonica is already powered by 100% renewables in Germany and the U.K., and in Spain, renewables account for 79% of the company’s consumption.
“Our renewable energy plan helps us to improve our competitiveness, reduce our operational costs and make growth compatible with a sustainable strategy,” states Enrique Blanco, Telefonica’s global chief technology officer.
Telefonica’s new plan includes four action areas, depending on the markets in which the company operates and the regulations in force in each one: the acquisition of renewable electricity with a guarantee of origin, long-term power purchase agreements, shorter bilateral agreements and self-production. Telefonica estimates the plan will allow the company to save 6% in energy costs by 2030.
Sam Kimmins, head of RE100, run by The Climate Group, says, “By joining RE100 and progressing its renewable electricity goals, Telefonica is demonstrating that climate leadership and business leadership go hand in hand. Going 100 percent renewable means Telefonica is saving on energy costs while preventing CO2 emissions; that’s a smart business decision. The company is one of the largest multinationals in Spain with a large electricity footprint and even larger global reach. How it chooses to source its energy matters in driving market change and delivering on global climate goals.”
