Description/achievement of initiative
Vestas is committed to supporting increased renewable energy procurement, both in its own operations and with others.
Vestas has begun this process and a recent example of progress includes our Memorandum of Understanding with Methanex, a world leading chemicals company and producer of methanol. As a result of the MoU that Methanex and Vestas have signed, the two companies will collaborate to expand Methanex's installed renewable energy capacity. Vestas will contribute to this collaboration by providing:
– Technical advice to help Methanex assess the feasibility of powering their global facilities with wind leveraging Vestas' proprietary capabilities within siting of wind power plants.
– Vestas will also collaborate and provide government policy advice, utilizing our 30+ years of experience in this sector to support governments in implementing robust policy frameworks that enable investments in renewable energy to take place.
Arrangements for Capacity-Building and Technology Transfer
Coordination mechanisms/governance structure
To be determined.
Promote transparency in renewable energy procurement decisions by supporting WindMade and CREX in 2012, support to be reviewed on an annual basis. Launched in 2011, Vestas is founding partner of WindMade, the world's first consumer label for products produced with renewable and especially wind energy. Together with Bloomberg, Vestas is also the founder of the Corporate Renewable Energy Index (CREX), the most comprehensive analysis of global corporate renewable energy consumption ever undertaken. Initiated in 2009 and published every year since, the CREX is slowly evolving into the go-to place for data on corporations' energy consumption. This pioneering index provides transparency in the energy use among some of the world's largest corporations. Vestas is supporting both of these initiatives through financial contributions, technical input and joint communications efforts.
Active collaboration with energy consumers to support renewable energy procurement support and knowledge sharing infrastructure fully in place by 2012. Vestas has expanded its traditional competencies, knowledge and resources to create a dedicated set of advisory services and sales options for energy consumers and carbon conscious companies. Vestas will provide specific technical, regulatory and financial advisory services to enable energy consumers to either procure wind energy through direct investments, Power Purchase Agreements (PPA) and high quality RECs according to their sustainability ambitions and operational footprint. Vestas has begun this process and a recent example of progress includes our MoU with Methanex, a world leading chemicals company and producer of methanol. As a result of the MoU, the two companies will collaborate to expand Methanex's installed renewable energy capacity. Vestas will contribute in ways provided under additional details.
Vestas is to procure 100% renewable electricity and 55% renewable energy by 2015. To bridge the gap between Vestas current renewable energy use levels (72.9% renewable electricity and 41.5% renewable energy) Vestas will now source more renewable electricity through its own wind parks, Power Purchase Agreements with developers and where necessary by securing high quality RECs (renewable energy credits). High quality RECs are those that demonstrate additionality or in other words the additional revenue stream from RECs leads to new capacity in the market.
Sustainable Development Goals and targets
Resources devoted to implementation