The end of a century of oil demand may be nigh as demand for a lower-carbon world and cleaner energy grows
An employee stands in front of oil barrels at Royal Dutch Shell’s lubricants-blending plant in the town of Torzhok, Russia. Picture: REUTERS
Relatively small investments in electricity aim to help them ride the energy transition by offering households and businesses cleaner power than coal can provide and giving their petrol stations a green edge with EV-charging. Testing an electrification route also helps meet demands from shareholders that they “future proof” their businesses.
BP lost billions in its first foray into renewables 20 years ago when it rebranded itself “Beyond Petroleum”. It closed its solar manufacturing division in 2011 and tried to get rid of its wind farms but says it now has a more successful model. He said BP plans to expand its alternative energy capacity — the biggest among the majors, according to CDP, a climate-focused research provider that works with major institutional investors. Gazprom’s large hydro-power interests put it in second place ahead of Total and then Shell, CDP calculations show.
Returns on solar and wind projects are typically about 5% to 10%, according to climate research provider CDP, half of those from many oil and gas projects
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