(Bloomberg) -- Corporations around the world agreed to buy more renewable energy in 2023 than they did the year before, with volume nearly doubling in Europe but declining in the US.

Globally, 451 companies agreed to purchase a record 46 gigawatts, a 13% jump, according to a report by BloombergNEF. Buying in the US, the biggest market, dropped by 15% due to weaker economic conditions and rising interest rates, the report found. 

Many corporations have set targets to use 100% renewable energy, such as wind and solar, to reduce their carbon footprints. Power purchase agreements help them lock in prices. 

“Depending on the company and how much electricity it consumes, you could save millions or tens of millions of dollars by buying these clean-energy contracts,” said Kyle Harrison, a BloombergNEF analyst.

In line with past trends, big tech was a big contributor to last year’s purchases, with Amazon.com Inc. emerging as the largest buyer for the fourth year with 8.8 gigawatts. A flurry of deals from smaller firms in countries like India, Japan and South Korea also made an impact.

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