'A Stampede for Clean Energy': Amazon (AMZN) Commits to Buy More Renewable Energy, Becomes the Top All-Time US Corporate Buyer

June 23, 2021 7:04 AM EDT

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Amazon (NASDAQ: AMZN) has announced today it has committed to buy 1.5 gigawatts of production capacity from 14 new solar and wind plants around the globe as the race for clean energy heats up.

New deals, secured in the U.S., Canada, Finland, and Spain, will allow the e-commerce giant to advance its goal to power 100% of company activities with clean energy by 2025. Previously, AMZN planned to reach this target by 2030.

“We’re driving hard to fulfill The Climate Pledge - our commitment to reach net-zero carbon by 2040, 10 years ahead of the Paris Agreement,” said Jeff Bezos, Amazon founder and CEO.

“Our investments in wind and solar energy in the U.S. and around the world send a signal that investing in green technologies is the right thing to do for the planet and citizens - as well as for the long-term success of businesses of all sizes across all industries everywhere.”

Amazon has now become the largest corporate buyer of renewable energy in the U.S. and the world as its capacity is enough to power 2.5 million U.S. homes.

“Amazon’s commitment to clean energy is highly commendable, and it is the type of investment that we need to see more of to meet the world’s critical energy and climate needs,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA).

“It is becoming increasingly clear that corporations such as Amazon see solar and other renewable resources as the path forward to meet their energy and business needs, and we stand ready to support Amazon and other companies of all sizes in their decisions to go solar.”

Amazon now has 10 gigawatts of renewable energy capacity. The company is also planning on purchasing 100,000 electric delivery vehicles.

According to BloombergNEF, Amazon, Alphabet (NASDAQ: GOOGL), Facebook (NASDAQ: FB), and Microsoft (NASDAQ: MSFT) account for 30% of total corporate commitments to buy clean energy.

“It’s almost like a stampede for clean energy,” said Michael Terrell, director of energy at Google, told the Wall Street Journal.

“The data-center industry is one of the largest power consumers world-wide,” added Stefan-Jörg Göbel, a senior vice president of wind and solar for the Norwegian energy company Statkraft AS. “They’re reshaping the demand side of the industry just from the pure physics of it.”

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