America’s largest companies save $1.1 billion annually through advanced energy initiatives

Now we’re talking. A new report released last week found that 53 Fortune 100 companies reporting on climate and energy targets are collectively saving $1.1 billion annually through their emission reduction and renewable energy initiatives – which certainly qualify as advanced energy.

Fortune 100 and Fortune 500 companies are increasing the demand for cleaner, more efficient sources of energy. The states that provide not only the energy source, but also the technologies and the workforce will win. Why not Tennessee?

215 companies in the Fortune 500 have set targets in one of three categories and will be looking for ways to meet them: 1) greenhouse gas reduction commitments, 2) improving energy efficiency and 3) procuring more renewable energy. Many of these companies have Tennessee ties (including FedEx and General Motors) or would be welcome additions to our state.

The latest report adds to our evidence that Tennessee’s advanced energy sector is poised for a period of sustained growth. The Tennessee Advanced Energy Business Council (TAEBC) was created to help facilitate this growth by championing the use and manufacture of advanced energy technologies as an economic development strategy.

The Advanced Energy Now 2014 Market Report, published by Advanced Energy Economy, indicated strong growth globally and nationwide in the advanced energy market. Globally, advanced energy represents a $1.1 trillion-dollar market. With estimated revenues in 2013 of $169 billion, the U.S. now represents 15 percent of the world market, up from 11 percent in 2011.

TAEBC sees in these national trends an enormous opportunity for Tennessee. The opportunity includes, through the adoption of affordable technologies, a chance to grow Tennessee’s economy.

The University of Tennessee, the Tennessee Valley Authority (TVA), Oak Ridge National Laboratory (ORNL) and the state’s expanding automobile sector (as well as other key clusters) provide Tennessee with unique assets that together offer an unparalleled platform for collaboration, innovation, testing and implementation of advanced energy technologies.

Our goal is to help business and government view Tennessee’s advanced energy assets and challenges as an emerging sector that will play an increasing role in the state’s economic development.