In 2021, 67 companies have joined RE100 (the 100% Renewable Energy Initiative), with a total of 355 companies committing to 100% renewable energy.

Global corporate procurement of renewable energy contracts hit a new record of 31GW in 2021.

Most of this capacity was sourced in the Americas, with 17GW coming from companies in the US and 3.3GW coming from companies in other countries in

North and South America.

European firms have signed up 12GW of renewable energy capacity due to a sharp rise in electricity prices due to gas policies targeting Russia, while Asian

firms actually saw a sharp drop in purchases from 2020 to 2GW in 2021. The majority of the renewable energy capacity procured by companies globally is

solar PV. Amazon and Microsoft account for 38% of global purchases, of which 8.2GW is solar PV.

The above-mentioned record-setting solar PV purchases came amid rising PV costs. According to a survey by LevelTen Energy, PV costs have risen since early

2020 due to increased demand, macroeconomic fluctuations, supply chain issues and other factors. According to the latest report from LevelTen Energy, the

power purchase agreement (PPA) price index for the fourth quarter of 2021 showed a 5.7% increase in PV prices to $34.25/MWh.