The evolving renewable energy partnership landscape: Implications for oil and gas majors
Trillions of dollars are expected to be invested in new renewable generation, storage and distribution capacity between now and 2030, driven by skyrocketing demand for renewable energy solutions of all types. Leading oil companies with broad capabilities and deep pockets are eager to position themselves to win in this low-carbon future, making commitments to intensify their response to the transition away from fossil fuels and defining environmental, social and corporate governance (ESG) performance improvement targets over the coming decades.
Some of the majors, like Total, Shell and BP, have declared their desire to play broadly across the new energy ecosystem; BP now refers to itself as an “Integrated Energy Company,” shifting its brand focus away from oil and gas. Others have expressed ambitions in specific segments, like Equinor (formerly Statoil), which is aiming to become a major offshore wind player and cut the net carbon intensity of the energy it produces in half by 2050.
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