Google has put $3.5 billion on renewable energy projects all across the world

The objective of Google is to make information widely available. But it also wants to run totally on renewable energy. It is more explicitly dedicated to acquiring sufficient green electricity to equal its energy use, which it achieved in 2017. It’s a tough endeavor with operations all across the world.

Since 2007, Google has promised to work toward carbon neutrality, which it achieved in 2010. Google has a three-pronged strategy, as per the We Mean Business Coalition: renewable energy purchase, energy efficiency, and carbon offsets where necessary. Power purchase agreements (PPAs) or long-term contracts with renewable energy producers are crucial: Google has inked contracts for about 3,000 megawatts of solar power across 26 projects on three continents. It’s a $3.5 billion investment. Over a billion dollars has been spent in Europe.

The most difficult task is to run the company on sustainable energy. This is due to the fact that data collection is a dynamic industry. The renewable energy industry is also suffering, with the cost of wind and solar technology plummeting.

 

What is the company’s plan?

We Mean Business reports that it will take a regional strategy. This entails purchasing renewable energy in “favorable markets” — enough to cover the gap in locations where such a strategy isn’t feasible. Google will also develop innovative technologies that further the sustainable energy mission and are available 24 hours a day, seven days a week. It will invest in onsite renewable energy, battery storage, plus microgrids to achieve this goal. Finally, Google will lobby for government policies that promote green energy development and carbon neutrality.

“We’re okay with the fact that the road to 24-7 sustainable energy isn’t totally evident to us right now,” Mars Hanna, Google’s global energy policy leader, says. “At Google, we believe in aiming for a moonshot goal even if we don’t know how to achieve it yet. We’re committed to pursuing sustainable energy for our worldwide electricity supply portfolio 24 hours a day, seven days a week, and to assist in the transformation of the whole electric grid to a sustainable energy future.”

More than 130 firms in sectors ranging from oil and gas to big tech signed clean energy accords, according to BloombergNEF’s 2021 Corporate Energy Market Outlook. Its clients purchased 23.7 gigawatts of renewable energy.

Amazon, Google, and Facebook will be the world leaders in 2020. Total, the forward-thinking French oil major, was in the same boat. Taiwan Semiconductor Manufacturing Company and Verizon, a US telecommunications company, were also recognized by Bloomberg.

Businesses are going green since it is cost-effective. It’s also beneficial to their brand. There is, however, more they can do. The Principles for Responsible Investment, which oversees $86 trillion in assets, expects the US Securities and Exchange Commission to require firms to set emissions reduction objectives in accordance with the Paris Climate Agreement. Investors claim that enterprises will be rewarded by the markets.

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