Companies that have signed up to the RE100 scheme will need to spend $94 billion (£68bn) on buying renewable energy by 2030 to meet their commitments, according to a new report.

Bloomberg New Energy Finance (BNEF) said that, to maintain their commitment to buying 100% renewables, the businesses could trigger an additional 87GW of solar and wind capacity being added to the global grid.

Since launching in 2014, 125 companies from 20 countries have signed up to the RE100 movement.

Together, the firms have already signed-up to by more than 14GW of renewable power, with contracts sealed for a record 5.4GW last year.

‘Real economic reasons’

Kyle Harrison, an analyst at BNEF, said: “The clean-energy demands of these corporations will catalyse billions of dollars in clean-energy investment.

“Corporations can have a real say in power-market design.

“For the companies, it’s not just about the perception of being sustainable – there are real economic reasons to buy renewables.”

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