It’s no surprise that the top tech companies are also the top cloud companies. It’s also no surprise that these top tech companies are making big investments in green energy. Amazon, Microsoft, and Meta are now the three largest buyers of solar and wind power, according to new data from BloombergNEF, and they easily outdistance all other corporate buyers.
Although they have altruistic motivations, keep this in mind: Enterprises that consume technology (the market for public cloud providers) now actively seek cloud providers that are green. Enterprises, as well as investors, typically use the accepted standard ESG (environmental, social, and governance) metrics to determine how ethical and sustainable an organization is in practice. According to McKinsey, companies that have higher ESG ratings also outperform the market. Thus many enterprises see that short-term sustainability strategies and investments can lead to positive longer-term business outcomes.