Nike Logo
The logo of Nike is seen in a storefront in Sao Paulo May 28, 2015. Nike, which is not a FIFA partner but is challenging Adidas' dominance in soccer by sponsoring many of the world's top players and teams, said it was cooperating with authorities after it was indirectly identified in the U.S. indictment in relation to a 1996 deal with the Brazil team. Nike later said in a statement it was "concerned by the very serious allegations, adding: "Nike believes in ethical and fair play in both business and sport and strongly opposes any form of manipulation or bribery." REUTERS/Paulo Whitaker

Major U.S. companies Starbucks, Nike and Walmart are the latest list of corporate giants to pledge to completely shift to renewable energy in the long term, Phy.org reports. Their commitment forms part of a global effort against climate change initiated by non-profit organisation The Climate Group. Among the firms which also signed up for this year-old effort are Johnson & Johnson, Procter & Gamble and Goldman Sachs.

The Climate Group's initiative, dubbed RE100, is an ambitious global scheme to engage influential companies in using 100 percent renewable power in their operations. Officially launched during the Climate Week NYC 2014, RE100 brings together leading companies worldwide from a wide range of sectors, such as telecommunications, electronics, home furnishing, clothing, consumer goods, confectionary, IT, banking and insurance.

According to The Climate Group, there are 36 major businesses which now belong to the initiative. Companies that previously joined include food giants Mars and Nestle, Ikea, H&M, electronics maker Philips and Indian software company Infosys.

According to Mark Kenber, chief executive of The Climate Group, companies that commit to investing in low-carbon power are poised to experience significant business benefits. "Lowering risk, protecting against price rises, saving millions and boosting brand is what shaping a low carbon economy is all about. Today these companies are signalling loud and clear to COP21 negotiators that forward-thinking businesses back renewables and want to see a strong climate deal in Paris," he said in an interview with The Guardian.

To date, national plans submitted for the upcoming Paris UN climate negotiations show that countries remain far from reaching a goal of limiting temperature increase to 2 degrees Celsius above pre-industrial levels. However, a recent study from consultancy Arabella Advisors shared positive news, as they revealed that 436 institutions and more than 2,000 people worth a total of $2.6 trillion have now pledged to renounce fossil fuels, either entirely or in particular sectors such as coal. This is a significant improvement from earlier reported figures, which cited 181 institutions and 656 individuals representing over $50 billion in assets had committed to divest.

The Climate Group's RE100 does not set a deadline for companies to meet their renewable energy goals, or impose consequences if they are not able have 100 percent achievement. According to the organisation, renewable energy sources such as the sun and wind result in no emissions of carbon dioxide, the key factor behind the planet's rising temperatures that scientists fear will worsen scarcities and cause disasters.

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