The social media giant has also promised to cut greenhouse gas emissions by 75% before the end of the decade; the bulk of these emissions are produced from the company powering its data centres.
Facebook is on its go to be one of the prime corporate purchasers of renewable resources and most importantly in a record-breaking year of corporate renewable energy purchases.
Corporate purchasing of renewable electricity has been soaring this year, with companies including AT&T, Walmart, Microsoft and Apple signing deals for a total of 3.86GW of capacity, already exceeding the 2.89GW contracted in the whole of 2017. The efforts have included new server designs that are more power-efficient, and also new cooling technologies such as its StatePoint Liquid Cooling system for data centers in arid climates, which boosts efficiency by creating cold water instead of cold air.
The company says Facebook is the "ultimate financial commitment" for new renewable projects, but it still works with regulated utilities to enable the project to connect to their power grid.
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In 2015, Facebook set a goal of supporting 50 per cent of its facilities with renewables by 2018.
Other analysts have also recently issued reports about the company. Managing data center carbon intensity is a key priority, the Facebook says.
Acadian Asset Management LLC owned 0.08% of Renewable Energy Group at the end of the most recent reporting period. Canaccord Genuity raised their price target on Renewable Energy Group from $16.00 to $20.00 and gave the company a buy rating in a report on Tuesday, June 26th. In Mexico's case, it is European companies that will see the greatest reward: According to QCR, Spanish energy firm Iberdrola is building two solar parks in Mexico, with Holland's Alten, Britain's Atlas Renewable Energy, and Enel each working on additional installations of their own.
As this trend continues to gather pace, tech giants such as Facebook have been increasingly intent on sourcing green energy, as experts have predicted that the amount of energy consumed by data centres will treble in the next decade.