Lahore: Four multinationals have joined the RE100, a global initiative of major businesses committed to 100 percent renewable power.
In an announcement, the RE100 said that AkzoNobel, AXA, Burberry and the Carlsberg Group had joined its ranks, taking the number of companies committed to renewables to 100.
International non-profit The Climate Group, in partnership with not-for-profit charity CDP (formerly the Carbon Disclosure Project), is behind the RE100 initiative.
Dutch paints and coatings business AkzoNobel has set itself the target of being carbon neutral and using 100 percent renewable energy by 2050, while insurance giant AXA has targeted 100 percent renewable electricity by 2025.
Meanwhile, fashion business Burberry wants to procure 100 percent of electricity from renewable sources by 2022. Brewing powerhouse the Carlsberg Group will turn to 100 percent renewable electricity at its breweries by 2022, and aims to be carbon neutral by the year 2030.
Helen Clarkson, CEO of the Climate Group, welcomed the new members. "By championing the compelling case for business action, we have reached 100 members three years earlier than expected," she said. "Changes in the market such as the falling cost of renewables have also worked in our favor."
Andre Veneman, AkzoNobel's corporate director of sustainability, said the company had put, "considerable effort into learning how to source renewable energy in a cost competitive way and the opportunities for our business are huge."
"We're convinced that embracing renewable energy is an excellent way to create both short- and long-term value that will enable a true business transition," Veneman added.
Other members of the RE100 include IKEA, Anheuser-Busch InBev, Google and Apple.