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Oil And Gas Majors Need To Invest $20B Yearly To Dominate In Renewables

by greentechmedia.com posted 1month ago 55 views
Majors account for a 15 percent share of the global oil and gas market. If those majors want to capture the same market share in renewables, it would require them to collectively invest $200 billion, according to a new report from Wood Mackenzie. So far, no investment from majors in clean energy technologies comes close to their oil and gas investments, which amount to $10 to $10 billion annually, depending on the company. “There’s no one spending close to that much in renewable energy,” said Tom Heggarty, a senior solar analyst at WoodMac and the author of the report.