A new study has found that the sales of renewable energy certificates known as RPS or Renewable Portfolio Standards have skyrocketed amidst the COVID-19 pandemic. The study conducted by the Energy Information Administration (EIA) found that RPS sales increased by a whopping 30% in 2020 compared to the previous year, with almost 250 million MWh of RPS being sold.
The study shows that RPS sales have grown consistently after stagnating in 2018 and 2019. The increase in sales can be attributed to the growing demand from corporate organizations and states that have committed to achieving 100% renewable energy goals. Renewable energy certificates like RPS allow companies to offset their greenhouse gas emissions by purchasing certificates equivalent to the clean energy they generate.
The COVID-19 pandemic has accelerated the trend of transitioning towards renewable energy sources as stakeholders now realize the need to tackle climate change and build a clean energy future. As corporations seek to reduce their carbon footprint, renewable energy certificates like RPS have become a popular tool to help meet their sustainability goals.
According to the EIA study, companies purchased almost 10 million MWh of RPS in 2020 alone compared to 7.5 million MWh in 2019. Many companies including Google, Amazon, and Microsoft have also pledged to achieve 100% renewable energy consumption by 2025, further driving the demand for RPS.
States have also played a significant role in the growth of RPS sales. As of April 2021, 29 U.S. states have implemented mandatory RPS requirements that dictate how much of the state’s electricity must come from renewable sources. This drive towards clean energy has resulted in a growing demand for RPS from utilities and other energy suppliers.
The findings of the EIA study indicate that renewable energy is becoming an increasing priority for both corporations and states. As the world continues to grapple with the COVID-19 pandemic and its aftermath, stakeholders are beginning to understand the importance of a sustainable future, and the role that renewable energy can play in achieving it.
With a growing number of companies and states transitioning to renewable energy, the future looks bright for RPS sales and the overall growth of renewable energy. The EIA study is a testament to the fact that the transition to clean energy is not just a responsibility but also a lucrative opportunity for businesses to become more environmentally responsible, protect our planet, and secure a better future for the world.[ad_2]