Facebook to power global operations with 100% renewable energy by 2020

James Marshall
August 30, 2018

Internet giant Facebook has vowed to source 100 per cent of its considerable electricity needs from renewable energy by 2020, extending the goal from numerous data centres to its entire operations.

It has also announced its commitment to cut its greenhouse gas emissions by 75 percent from 2017 levels to 2020. "Since 2013, we have added over 3 gigawatts of new solar and wind energy to the grids that power our data centres, all while opening those markets for other customers to follow our lead".

While the current American government squanders time and opportunity in the pursuit of short-term profit by imposing disruptive tariffs and curtailing sustainability-focused goals, Mexico is powering ahead with a broad effort to generate up to 35 percent of its energy from renewable sources by 2024.

In other Renewable Energy Group news, VP Gary Haer sold 6,722 shares of the company's stock in a transaction that occurred on Thursday, June 14th. Google achieved the same milestone previous year. The idea is not only to be the largest, but also to buy small ones, generating jobs, income and development in inner cities or even creating projects based on solar and wind energy in regions that do not yet have access to this type of clean energy supply. "This type of financing is meant to continue supporting the development of projects aligned to the Federal Government's market strategy for renewable energy". Finally, Canaccord Genuity upped their target price on Renewable Energy Group from $20.00 to $21.00 and gave the stock a buy rating in a research note on Tuesday, August 7th.

To boot, a 2017 report from the United States Department of Energy found that the solar industry alone employed more American workers than all of the fossil fuel industries combined. Last year, the company supported the Paris Agreement through the We Are Still In initiative.

In the recent years, i.e., 2015, the company had set a goal of being supportive to nearly 50 percent of its amenities with renewable energy by the end of 2018.

Crossmark Global Holdings Inc. purchased a new position in shares of Renewable Energy Group Inc (NASDAQ:REGI) in the 2nd quarter, according to the company in its most recent filing with the SEC. "A lot of places we've gone into have not had a lot of renewable integration and penetration so we're helping to move them forward".

While reducing carbon emissions is an important goal for the company, the social media giant says that, despite its growth and expansion of services since 2004, its carbon impact per person has remained about the same: that is, about 300g of CO2e per year (less than boiling a pot of water for tea or making one medium latte, the company points out).

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