Google acquires shares in BlackRock-owned Taiwan solar power company
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Google Invests in Taiwanese Renewable Energy Firm to Reduce Carbon Footprint
Google has secured a stake in Taiwan's New Green Power (NGP) and may purchase up to 300 megawatts of renewable energy from this BlackRock fund-owned company. The move aims to mitigate the carbon emissions generated by Google and its suppliers. With increasing pressure from investors to reduce greenhouse gas emissions, Big Tech firms like Google are setting ambitious sustainability goals. Google's objective is to operate entirely on carbon-free energy across all its sites. However, the soaring demand for data-processing power, driven by artificial intelligence advancements, has led to heightened emissions.
Challenges in the Asia Pacific Region
In Taiwan, a critical hub for Google's cloud technology, where it maintains a data center and offices, fossil fuels still account for nearly 85% of power generation, according to Amanda Peterson Corio, Google's Global Head of Data Center Energy. The company's investment in NGP is aimed at bolstering large-scale solar projects in Taiwan. Regions like Asia Pacific face significant hurdles in decarbonization due to underdeveloped infrastructure and policies that limit corporate procurement of green energy.
Leading Solar Developer in Taiwan
New Green Power, managed under BlackRock's Climate Infrastructure business, stands as a top solar developer and operator in Taiwan. David Giordano, BlackRock's Global Head of Climate Infrastructure, emphasizes NGP's leading position in the market. Although the exact size of Google's equity stake in NGP wasn't disclosed, Corio noted that the investment is set to stimulate both equity and debt financing, facilitating NGP's growth towards its 1 gigawatt (GW) solar project pipeline.
Solar Capacity Targets
Taiwan has set ambitious targets, aiming for 20 GW of solar capacity by 2025 and potentially reaching 80 GW by 2050, according to BlackRock. The solar power purchased by Google will not only support its own operations but can also be offered to its suppliers and manufacturers within the region. This approach will help Google minimize its Scope 3 emissions, which encompass emissions linked to its value chain.
