Alphabet (NASDAQ:GOOGL)’s GOOGL division Google is steadily moving toward attaining its zero carbon goals by 2030.
Reportedly, the company is planning to run its offices and data centers fully on carbon-free electricity by 2030. It aims to achieve the goal by utilizing renewable energy solely.
The company is considering utilizing batteries stored with solar energy and geothermal reservoirs among others to meet its aim.
Notably, Google’s 61% of global hourly electricity consumption was generated from solar, wind and other renewable energies in 2019.
Google has been shifting focus to clean energy for quite some time now. The shift to clean energy sources is anticipated to reduce costs in the near term, which remains a major positive.
Google’s Zero Carbon Drive
Google, which has been carbon-neutral since 2007, is leaving no stone unturned to become carbon-free company.
The search giant has been making huge investments in wind energy, and planted several trees. It has also purchased carbon credits.
Notably, the company’s current goals include proactively funding more tree planting initiatives, bringing five gigawatts of renewable energy, and building partnerships with around 500 government worldwide in an effort to reduce one gigaton of carbon emissions per year by 2030.
Carbon Neutrality Gaining Steam
We believe Google's latest move is expected to provide it competitive edge in the carbon neutral race, which is constantly gaining steam.
Apart from Google, tech giants like Amazon AMZN, Microsoft MSFT and Apple AAPL are also taking initiatives to adopt alternative energy sources to lower overall carbon emissions and cut energy bills substantially.
Amazon’s carbon neutrality endeavors remain noteworthy. It is constantly infusing resources into renewable energy projects in a bid to fuel its carbon neutrality drive. Moreover, the company’s rapidly growing number of renewable energy projects worldwide and improving efforts to expand its delivery fleet of electric vehicles are major positives.
The company aims at utilizing 80% and 100% renewable energy by 2024 and 2030, respectively. It is also aiming to reach net zero carbon by 2040.
Further, Microsoft is gathering steam to become carbon negative by 2030. Its two power purchase agreements with EDP Renewables North America LLC to work on a wind energy project based out of Paulding County, OH remain noteworthy.
Meanwhile, Apple, which is already carbon neutral for its global corporate operations, has recently committed to become 100% carbon neutral across its entire business, manufacturing supply chain and product life cycle by 2030.
Nevertheless, Google’s aggressive three-fold strategy, which includes energy efficiency, renewable energy procurement and carbon offsets, is a testament to its strong commitment toward zero carbon footprint. This is likely to put it slightly ahead of the pack in the carbon neutral race.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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