Photo: Equinor/Hywind Tampen floating wind farm Snorre platform - illustration

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Renewable energy investments swelling, oil & gas giants’ energy transition speeding up

Offshore wind could become a $ 1 trillion industry over the next two decades, and renewable energy in general will create an investment opportunity of between $ 8 trillion and $ 16 trillion by 2030, according to some of the reports recently published. Meanwhile, oil & gas giants are making concrete steps in the renewable energy realm and, given the deep oil & gas pockets, they might significantly contribute to the surge of the renewable energy investments.

Goldman Sachs, in its Carbonomics report from mid-June, has identified a total investment opportunity in clean energy infrastructure of up to $ 16 trillion by 2030, including renewable energy sources such as wind and solar, as well as green hydrogen, carbon capture and storage,  and technologies required to de-carbonise the energy value chain.

“Renewable power will become the largest area of spending in the energy industry in 2021 for the first time in history, on our estimates, reaching 25% of total energy supply capex”.

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