Largest US firms going green and saving cash

The largest US firms are going green while improving their bottom lines and decarbonising the power sector. That’s one of the key findings outlined in a new report from Calvert, […]

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By Jonny Bairstow

The largest US firms are going green while improving their bottom lines and decarbonising the power sector.

That’s one of the key findings outlined in a new report from Calvert, CDP, Ceres and the WWF, which evaluates clean electricity and energy efficiency efforts based on data publicly provided by Fortune 500 companies.

In 2016, nearly half of Fortune 500 companies had set targets to reduce greenhouse gases, improve energy efficiency or increase renewable energy sourcing. This is a 5% increase from 2014.

The strongest efforts are among Fortune 100 companies, with 63% introducing or maintaining such goals.

The smallest 100 companies in the Fortune 500 have also made progress, with 44% setting goals, up 19% from 2013.

The report says the energy sector had the lowest percentage of green targets, primarily due to oil and gas companies.

A total of 190 companies collectively reported $3.7 billion (£2.88bn) in annual cost savings from energy efficiency measures, amounting to a emissions reduction of 155.7 million metric tons of Carbon Dioxide equivalent, comparable to taking 45 coal-fired power plants offline.

As of January 2017, 210 companies from around the world have set or committed to set Science Based Targets, including Procter & Gamble, General Mills and Kellogg Company.

A total of 84 leading firms have called on the UK Government to back international green goals.