7-Eleven’s Tokyo-based parent company Seven & i Holdings Co. has joined the RE100, a global initiative bringing together the world’s most influential businesses driving the transition to 100% renewable electricity.
The news follows 7-Eleven’s plan to add electric vehicle (EV) charging stations at 250 U.S. stores by 2027 as part of Seven & i Holdings’ commitment to zero emissions by 2025.
“We welcome Seven & i Holdings to RE100,” said Amy Davidsen, executive director, North America, for the New York-based Climate Group, which leads the initiative in partnership with London-based CDP. “In addition to its global footprint, 7-Eleven is one of the top 25 largest retailers in the U.S., so it’s exciting to see them move in the right direction towards a clean-energy transition. Seven & i Holdings is sending a signal that businesses are major players in the renewable energy market. 2019 was one of the largest years for corporate solar investments, and despite COVID-19, businesses continue to switch to renewables — one of the most cost-effective investments companies can make.”
A new RE100 report shows that the U.S. has the most companies participating in the initiative, followed by the U.K. and Japan. Sixty-two percent of the electricity sourced by U.S. members is already from renewable energy sources, compared to the global average of 41%.
Power purchase agreements (PPAs), which enable companies to sign long-term contracts for renewable electricity at competitive prices, are rising internationally, especially in the U.S. According to BloombergNEF, a New York-based research organization that helps energy professionals generate opportunities, there have been 959 off-site corporate PPAs in the country to date, totaling 43,170 megawatts.
RE100’s members include some of the biggest, most influential companies in the world, with a combined electricity demand higher than that of Australia. Those companies are on course to spend more than U.S. $98 billion to reach their goals, according to the initiative.
Based in Irving, Texas, 7–Eleven operates, franchises and/or licenses more than 71,800 stores in 17 countries, including 12,000 in North America.