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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
From molecules to electrons; can Big Oil become Big Power?European oil companies have started to address what they worry may one day be an...
Read more »
Clean energy and climate change are helping Big Oil, Goldman Sachs saysThe push towards decarbonization is creating barriers to entry in the oil industry, making major oil players – known as 'Big Oils' -- more profitable, Goldman Sachs said.
Read more »
Aramco's Big Reveal: What We Learned About the Saudi Oil GiantSaudi Aramco is the world’s most profitable company. Aramco’s $111.1 billion profit in 2018 easily dwarfed all other businesses on the planet, a stunning result for a company that also paid the Saudi government $102 billion in taxes last year. Aramco, which produces about 10 percent of the world’s
Read more »
Big pharma's big bets, a hedge-fund rivalry, and Silicon Valley's obsession with failing forwardGene therapy, a decades-old technology that targets disease at its genetic root, is coming of age. New startups are pouring into the space, and it's become a hot area for M&A.
Read more »
Brent nears $70 as oil prices rise for fourth dayOil prices rose for a fourth day on Wednesday, pushing Brent toward a nearly fiv...
Read more »
Oil nears $70, hovers near five-month highs on cuts and sanctionsOil prices steadied on Wednesday after Brent pushed towards a nearly five-month ...
Read more »
Three importers cut Iran oil shipments to zero: U.S. envoyThree of eight importers granted waivers by Washington to buy oil from Iran have...
Read more »
Brent approaches $70 as oil prices rise for fourth dayOil prices rose for a fourth day on Wednesday, with support from OPEC-led supply...
Read more »
Asian shares scale new seven-month highs; tight supply lifts oilAsian shares rose to fresh seven-month highs on Wednesday as investors cheered s...
Read more »
Oil surges as 'headway' hopes for China trade war talks boost global stock marketsStocks and energy prices are rallying on trade talk optimism. Trump's economic adviser said he hopes 'to make more headway' in talks starting today.
Read more »