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Visa commits to 100% renewable power by 2020

Visa Inc. announced Feb. 28 that it is joining the RE100 initiative and plans to source 100% of its electricity purchases from renewable resources by the end of 2019.

In shifting to solar, wind and other renewable sources of power, the global payments technology company joins a movement supported by dozens of large corporations, including technology giants Apple Inc., Google Inc., Facebook Inc. and Microsoft Corp., and financial institutions Bank of America Corp., Goldman Sachs Group Inc. and Swiss Reinsurance Co. Ltd.

Solar, wind and hydropower currently account for approximately 35% of Visa's global power consumption, according to news release. To reach 100% by 2019, Visa said it will work with local utilities and competitive power producers to "pursue renewable electricity options available in each market that best fit its approach to renewable electricity," and seek "impactful, local renewable electricity investments" in markets where the company has major facilities.

Visa noted four of its locations in the U.S. and U.K. account for 80% of its global electricity use. The company also plans to transition the remainder of its footprint to renewable power as well.

The RE100 initiative is a collaborative, global platform jointly developed by The Climate Group and CDP to increase the demand and supply of renewable energy, according to a news release.

To further support industry adoption of renewable energy, Visa also joined the Rocky Mountain Institute's Business Renewables Center and signed the Renewable Energy Buyers' Principles, led by the World Wildlife Fund.