In this article:
- Market factors that are prompting investment in renewables by upstream energy
- Examples of the renewable projects underway so far
- The new technologies that are making renewables more viable
It’s no secret that oil companies are having a rough time right now. The rise in remote work has led to a drop in demand, not to mention the small matter of a price war between Russia and Saudi Arabia. Despite the persistance of some strong fundamentals, 2020 may signal the true turning point in the shift to renewable sources for energy companies.
That’s a strong claim, and many will be skeptical. But most of the top tier oil and gas extractors have been at least experimenting with renewables for over a decade, if for no other reasons than to free themselves from price volatility and explore potential future opportunities.
It looks like the time to pursue those opportunities more aggressively has come.