Oil giants need to invest heavily in renewables (theguardian)

13 / JUN / 2017
energia-limpia

Adam Vaughan / theguardian

More than a fifth of investment by the largest oil and gas companies could be in wind and solar power in just over a decade, according to analysis of how global changes in energy will reshape the sector.

Slowing demand for oil and forecasts of rapid growth in renewables posed both a threat and and opportunity BP, Shell and Total among others cannot ignore, said research group Wood Mackenzie.

“The momentum behind these [renewable] technologies is unstoppable now,” said Valentina Kretzschmar, director of research.

“They [the oil companies] are recognising it is a megatrend; it’s not a fad, it’s not going away. There is definitely a risk to their core business.”

The commodities analysts found the major energy companies would need to spend more than $350bn (£275bn) on wind and solar power by 2035 to take a market share similar to the 12% they have in oil and gas.

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