Corporate sourcing of renewable power is now a “mainstream pillar of business strategy”, said the International Renewable Energy Agency (Irena) in a first-of-its-kind study that pegs the level at 465TWh across 75 countries in 2017.

Irena said active renewable power sourcing by companies was almost equivalent to the total electricity consumption of France last year, as it unveiled its report Corporate Sourcing of Renewables: Market and Industry Trends – claimed to be the first comprehensive analysis of its type.

Falling renewables costs, environmental and policy imperatives, and reputation management are among the factors likely to keep corporate clean power demand humming in the coming years, Irena said.

Irena director general Adnan Amin said: “Renewable energy sourcing has become a mainstream pillar of business strategy in recent years.

“While environmental concerns initiated this growing trend, the strengthening business case and price stability offered by renewables can deliver a competitive advantage to corporations, and support sustainable growth.”

The study’s authors analysed 2,400 companies and found that half are “voluntarily and actively procuring or investing in self-generation of renewable electricity for their operations”, with the majority of activity in North America and Europe.

Power self-generation is the most common sourcing method, followed by unbundled energy attribute certificates and PPAs.

The global materials sector consumed the most renewable power in volume terms, with financial services having the highest share at 24%, followed by IT with 12%.

However, there was a notable dearth of targets – just 17% of the companies analysed had one in place for renewable power, and three-quarters of those will expire by 2020.

Irena said that creates “a significant opportunity for corporates to develop new medium to long-term renewable energy strategies and targets that factor-in improvements in renewable energy technology and cost declines”.