Commercial, Solar, Sourcing Renewables - January 31, 2024
SKF Headed Towards 100% Renewable Electricity in US, Canada
SKF, a Swedish manufacturer and supplier of bearings, seals, lubrication systems, and maintenance and power transmission products, entered into two Renewable Energy Certificate (REC) purchase agreements in North America.
The agreement will enable SKF factories and facilities in the U.S. and Canada to achieve 100% renewable electricity.
The first agreement focuses on investing in Green-e certified wind energy and will span through 2025. The second is a 12-year agreement that will start in 2026. It was signed with Clearway Energy Group (Clearway) for a portion of the RECs generated from a 452 MW solar farm currently under construction in Kent County, Texas.
The agreement with Clearway is SKF's first long-term REC procurement at scale in the U.S. and will enable SKF to effectively address 100% of its annual electricity consumption in its U.S. and Canada facilities with renewable electricity.
The REC will also help SKF make significant strides towards its goal to decarbonize the group's operations by 2030 and become net zero throughout the value chain by 2050.
"At SKF, we firmly believe in the importance of actively contributing to a cleaner and greener future and we are thrilled to make this significant stride toward sustainability,” said John Schmidt, President, Industrial Region Americas, in a statement. “We have set ambitious targets and these renewable energy agreements not only align with our commitment to reducing carbon emissions but also empower us to support the development of renewable energy projects."
The agreements are part of SKF's sustainability strategy, which includes initiatives to reduce energy consumption, increase use of renewable energy, and minimize environmental impact.
Schneider Electric supported SKF in the selection of and negotiations for the two projects.
RECs generated from Clearway's solar farm will be listed with the Center for Resource Solutions (CRS). This means that it will meet all requirements for certification pursuant to the Green-e Renewable Energy Standard for the U.S. and Canada.
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