More Australian companies are now aiming for renewable energy

The RE100 initiative brings together global companies who are targeting at 100% renewable energy. The global initiative helps coordinate their investments and helps to drive the demand for such energy sources. Australian companies who have reached 100% renewable energy will meet at its forum in Sydney.

Sam Kimmins, Head of RE100, says that the initiative has more than 150 companies as members. The companies have a combined investment pool of $100 billion.

SBS quotes Kimmins saying that companies like Google, IKEA, H&M, and Apple have experience coursing the renewable energy market. These companies share their best practices and advice in industry forums with other companies.

Kimmins also said that the technology of renewable energy has advanced immensely making renewables cheaper. The cost of solar energy has been slashed by more than 80% in the last 7 years and may go even lower. He also said that Australian companies like Mars feel that they can get their power from a solar plant cheaper than from the main utility. Other companies around the globe are also feeling the same, added Kimmins.

Toy production company LEGO sources the needed electricity from a wind farm off a coast in England. IKEA, the furniture company, owns more wind turbines than stores.

Another mechanism to lower current electricity prices by the Australian Energy Market Commission allows customers to self-read meters. This helps reduce the risk of inaccurate bills. Energy retailers may estimate customers’ bills under certain circumstances, as per the existing rules. However, inaccurate estimates of customer’s usage may lead to heftier bills. Inaccurate bills are the major cause of consumer complaints in Australia.

Angus Taylor, Energy Minister of Australia, will meet his counterparts of the states and territories of Australia in Sydney.

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