Exxon Knows Renewables Are Cheaper, Even if Trump Doesn’t

The US is pushing fossil fuels at UN climate talks, but prices for clean energy have tumbled so fast even oil companies are investing in renewables.

At Cop24 the Trump administration is touting coal and gas as the energy of the future, but leading US energy companies are doubling down on renewable energy.

More and more large corporate customers are demanding access to clean power. That’s not just because of the climate credentials of renewables.  But because solar and wind are proving to be among the cheapest power sources available, providing secure access to energy that is affordable, and generating good and long-term jobs.

One large corporate buyer embracing the benefits of renewables is oil major ExxonMobil, which recently secured a 12-year agreement to supply its Texas operations with 500 MW of wind and solar, from early 2020.  The tenure is the largest ever renewable power contract inked by an oil company and will provide enough electricity to supply around 400,000 average US homes.

To date over 150 of the world’s most influential companies have committed to source 100% renewable electricity through the RE100 initiative.  These companies, which include auto giant General Motors and the world’s biggest company by revenue Walmart, are now creating demand of over 184TWh of renewable electricity annually – more than enough to power New York state.

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