巻 頭 言【 P r e f a c e 】

Sustainability, Renewable
Electricity & Climate Change:
3 Things Companies Should
KnowBlake H. Winburne

Energy and Infrastructure Group Global LeadOrrick, Herrington & Sutcliffe LLP

Sustainability has rocketed up company agendas
worldwide with growing consumer, shareholder andgovernment focus on how business activities affect theenvironment. Here are three things businesses should
know about our shared responsibility for the planet.

1.

 ustainability has taken centerSstage worldwide

Not so long ago, stumbling upon a corporate sustainability report would have been something
noteworthy – not unheard of, but something you
didn’t see every day.

public companies have pledged to reach net zero by2050,” the magazine reported*2.
The shift in boardrooms coincides with changing
consumer and shareholder attitudes. The share ofAmericans who see climate change as a major threatrose from 44 percent to 60 percent from 2009 to 2020,
according to Pew Research*3. In a global survey, amedian of 67 percent of people in 23 countries saw
climate change as a major threat in 2019, up from a
median of 56 percent six years earlier.
Governments worldwide have acted.

Now 96 percent of the world’s 250 largest companies publish sustainability reports, up from 35 percent
20 years ago, KPMG said after a 2020 survey*1 of
5,200 companies in 52 countries and jurisdictions.
After gaining momentum for years, the sustainability conversation in business has reached a crescendo:
The Harvard Business Review christened 2021 as
the year sustainable business went mainstream,
particularly with regard to the environment.
“Virtually all of the world’s largest companies now
issue a sustainability report and set goals; more than2000 companies have set a science-based carbon
target; and about one-third of Europe’s largest

In the U.S., to cite just one example, the Securities
and Exchange Commission has proposed sweepingchanges that would require public companies todisclose more information related to climate change,including greenhouse gas emissions.
The U.S., EU and Japan plan to reduce greenhousegas emissions and increase renewable-electricity
use to achieve net-zero emissions goals by 2050.

2.

 ompanies often turn to renewableCelectricity to meet sustainability
goalsAll companies use electricity. Consequently,＊1 https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/the-time-has-come.pdf＊2 https://hbr.org/2021/12/sustainable-business-went-mainstream-in-2021＊3 https://www.pewresearch.org/fact-tank/2020/04/16/u-s-concern-about-climate-change-is-rising-but-mainly-among-democrats/

2022.71

巻頭言

pro-curing renewable electricity is a common initial
step toward meeting sustainability goals, a practicewhich is often implemented through Power Purchase Agreements (PPAs).
In 2021, corporations bought a record 31.1 GW ofrenewable electricity with PPAs, up nearly 24 percent from the previous year, and 137 corporations in32 countries announced renewable energy contracts,
research company BloombergNEF reported*4.
Corporate buyers should know, however, that purchasing renewable electricity does not guarantee
meeting sustainability goals. Often, entering into a
PPA with a project developer is a key milestone andprerequisite for that developer to lock in financing
and begin construction of a renewable-electricity
project. That project must be completed in a timely
manner and at a cost commensurate with the parties’ expectations when the PPA was entered into.
This year has brought increasing focus on associated risks, including supply chain disruptions,increasing commodity prices and interest rates, unavailability of equipment and contractors, and theimposition of tariffs and changes in import policies.

3.

 echnological innovation is criticalTon the journey to a healthier planet

Transitioning to renewable electricity is important,
but technological innovation will pave the path tonet-zero. Achieving enduring progress requires abroad approach, with renewable electricity as one ofmany elements.
At Orrick, we see this expansive approach to decarbonization through our work worldwide. Fromadvising founders and venture capital investors, toworking with many of the world’s largest infrastructure funds and multinational corporations on
investments in growth-stage companies seeking tocommercialize emerging technologies, capital isflowing into “energy tech”.

Governments are encouraging these technologies.
The EU plans to have up to 6 GW of installed renewable hydrogen production in the next few years,
with plans to increase that dramatically by 2030.
The U.S. offers tax credits for companies that capture carbon, and a recent infrastructure law includes
several billion dollars for carbon capture and storage
and billions more for electric-vehicle charging
stations.
That hum of activity highlights the pivotal role ofemerging tech on the net zero pathway. More
broadly, it reminds me of the power of technology toimprove lives, and the wisdom of a comprehensive
approach to tackle problems that might otherwise
seem intractable.
<Biography>
Blake H. Winburne is a partner who leads the Energy & Infrastructuregroup at Orrick, a global law firm focused on technology andinnovation, energy and infrastructure and finance.
（企業概要）
オリック・ヘリントン・アンド・サトクリフLLP は、1863年に米国サンフランシスコで設立され、現在、北米、欧州、アジアに所在する25以上のオフィスに1100名を超える各国弁護士を擁する国際法律事務所です。
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当該巻頭言の執筆者であるWinburne氏が率いるエネル
ギー・アンド・インフラストラクチャー部門においては、再生可能エネルギー、従来型エネルギー、石油・ガスなど、あらゆるエネルギー分野を取り扱っており、世界大手のスポンサーやデベロッパー、新規市場参入企業、銀行、ファンド、政府機関などを代理し、世界のインフラ市場のパイオニア的存在として、多くの実績を残しています。
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務所
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＊4 https://about.bnef.com/blog/corporate-clean-energy-buying-tops-30gw-mark-in-record-year/22022.7