Greening the Grid
The International Energy Agency (IEA) predicts a significant step change in renewable power growth over the next five years. In 2023, renewable electricity capacity additions reached an estimated 507 GW, nearly 50% higher than in 2022, driven by solar PV and wind expansion. China leads this growth, aiming for net-zero emissions by 2060.
| • | Corporate Renewable Commitments: Tech giants like Amazon, Apple, Google, Meta and Microsoft operate energy-intensive data centers across the U.S. These companies have self-imposed clean energy goals, with many aiming for 100% renewable energy by 2030 or sooner. * |
| • | Data Center Hotspots: Virginia, Ohio, and the Western U.S. (including Phoenix, Seattle, San Jose, and Portland) host dense data center markets. Renewable development, especially solar and energy storage, provides ample clean energy capacity for data centers in these regions. * |
| • | Top Renewable Buyers: Companies like Amazon, Meta, Google and Microsoft lead in contracted renewable energy capacity, both operating and planned. They heavily utilize data centers and are among the largest purchasers of renewables in the U.S. * |
*excerpt from World Economic Forum
