WASHINGTON (June 2, 2016) – At the Clean Energy Ministerial (CEM7) and inaugural Mission Innovation Ministerial today in San Francisco, the U.S. joined 21 governments and the European Union to announce new investments in renewable energy, including nearly $30 billion per year in clean energy research and development by 2021. Additionally, they joined nearly 60 companies and organizations, and 10 subnational governments to announce an additional $1.5 billion commitment to accelerate clean energy.

WRI works with many of these companies on renewable energy procurement through the Renewable Energy Buyers Alliance (REBA), and has joined the Clean Energy Ministerial’s Corporate Sourcing of Renewables Campaign.

The following is a statement from Letha Tawney, director of utility innovation, World Resources Institute:

“Today’s commitments show that governments and companies can be partners in transforming electricity systems to clean energy. We are seeing unprecedented growth in renewable energy across the globe and the transition now seems inevitable. Though it must still accelerate.

“Mission Innovation is essential to achieve the long term transformation toward a zero carbon world. It is an important compliment to the action that can be taken today.

“It’s promising to see countries step up and ask how they can help unlock barriers to increase renewable energy for large corporate buyers. There is increasing momentum behind corporate procurement of renewable energy. Companies are setting more ambitious goals and collaborating across the electricity sector to achieve them.

“Empowering corporates to buy more renewable energy presents an opportunity to decarbonize the global energy supply more quickly and affordably, while avoiding negative impacts on other customers. It can also create an economic development engine and regional competitive advantage. We look forward to advancing learning and best practices through the campaign."