The pressure is on — from investors, climate activists and institutions. And Big Oil feels it, prompting them to diversify their holdings and to invest more in green energy. While it is a small percentage of their overall budgets, the efforts could help the use of cleantech around the globe.
, which says that companies focused on the triple bottom line — economics, environment and social — are outperforming other broader indices and they are also demonstrating that they are living their missions and ingraining their brands among their customers.
“The renewable energy market is highly competitive and fragmented, returns on investments are typically lower than in oil and gas, and the average investment is much smaller in size,” says consulting firm. “The Majors may want to look towards mergers and acquisitions, developing offshore wind, or solar PV in emerging markets, in order to find a competitive edge and be able to deploy sufficient capital to grow in the sector.
Good news is lurking: Since 2016, 148 deals have been made in alternative energy and carbon capture, CDP says. Since 2010, $22 billion has been invested alternative energies. And, 15 of 24 oil and gas companies it surveyed now have climate targets, with Repsol, Shell and Total having the most ambitious ones.
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