RE100 is backed by the China Renewable Energy Industries Association (CREIA) and aims to encourage organisations to use 100 per cent renewable power across their operations.
And a report published today by The Climate Group for RE100 says corporate demand for renewable energy is quickly growing in China.
It states that the country invested $89.5bn in renewables last year – more than any other country – and added that China’s leadership is “sending a clear signal to businesses to adopt low carbon solutions that will help tackle the country’s pollution and energy challenges, as well as consolidate Chinese leadership in this market”.
The report, called RE100: China’s Fast Track to a Renewable Future, identifies areas of greatest growth and proven opportunities available to corporations looking to invest in clean energy.
It says that solar PV is one of the most popular, with rooftop solar projects currently offering the industrial and commercial sectors a payback period of seven to nine years and an 8 per cent rate of return.
Megan Tang, CREIA vice-secretary general, said: "China already sees the necessity for ramping up renewable energy generation. What is now emerging is the huge opportunity that businesses have to push forward this growth.
“The RE100 partnership between The Climate Group and CREIA provides a platform for building capacity within major Chinese businesses to address technical and financial barriers which will lead to adoption being accelerated much more efficiently.”
Emily Farnworth, RE100 campaign director at The Climate Group, added: “China is demonstrating leadership which will help move the Chinese and global economies in a low carbon direction that will bring benefits for businesses and policymakers alike.
“By 2020, China plans to have 100 GW of solar and 200 GW of wind installed. To meet these ambitious targets, policymakers are increasingly turning to corporations to help China transition to a low carbon economy. For instance, in 2013, the Chinese government introduced new feed-in tariffs, at both state and provincial levels, to fuel the growth of distributed solar rooftop installations.
“We know that investing into these solutions make business sense for companies – it ensures energy security, curbs fluctuating costs and reduces their own footprint - and we are committed to supporting and celebrating those businesses in China that will now make that smart investment.”