Clean energy has been a priority as countries look to collaborate in hopes to reduce global emissions, convert to clean sources of energy, and limit the temperature rise. Major companies are doing their part, making promises that their business operations will be 100% green by 2040 according to the Climate Pledge. Ambitious, because a business can only reduce a certain amount of carbon from their scope 1 emissions that are core to their revenue streams. This notion of green by 2040 is only possible through the EPA’s scope 2, which highlights RECs. Through this, companies are able to purchase RECs from green power producers, equivalent to MWh’s of electricity sent to the grid, to counteract the non-green electricity they consume. Through business incentives like the Inflation Reduction Act investing over $370 billion in climate tech, and major improvements in clean energy like solar, wind, and hydro, the REC market is finding its stride.

At Innovo, we see a $20 billion renewable energy market with 80% underserved. With that in mind, by 2030 the potential total market size is expected to be worth $110 billion, a 587% rise from 2022. The growth is projected to be immense for various reasons. The first being from consumer behavior and climate awareness. 2023 research from Mckinsey & Company revealed that businesses that make sustainability claims have achieved disproportionate sales growth. Furthermore the RE100 global corporate renewable energy initiative brings together hundreds of large and ambitious companies committed to 100% renewable energy. The current bottleneck that restricts proper transaction of value in the renewables space is exactly what Innovo aims to solve; to provide the REC market with adequate technological tools to operate effectively.