Sixteen energy and tech firms have joined up to nearly double renewable energy capacity by 2025.
The companies, including Statkraft, Eskom and Schneider Electric, aim to add a further 1.5TW.
The programme is part of an initiative by World Business Council (WBCSD), for Sustainable Development which is made up of 140 businesses looking to speed up the deployment of low carbon technologies. They account for nearly 10% of global installed capacity.
The businesses will address barriers preventing the uptake of renewable energy by deploying low carbon microgrids and work with green buyers to encourage investor confidence.
They will also increase green bond finance and facilitate renewable energy into grids and electricity markets.
President and CEO of WBCSD Peter Bakker said: “Today’s announcement on renewables shows businesses around the world are taking concrete action to combat climate change as they see the multiple integrated benefits of investing in a low carbon world.”