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Scaling Renewables: the converging world of Oil & Gas and the Clean Energy Supermajors
As part of the increasing focus on climate change, several regions and countries have announced targets and pledges to reach net-zero emissions by mid-century and limit warming to 1.5°C. According to the Climate Action Tracker, countries responsible for around 63% of emissions are now considering or have adopted net zero targets.
These pledges point to a major boost for renewable power investment. The IEA’s Sustainable Development Scenario – which assumes the planet will achieve net-zero later than mid-century – forecasts average annual investment in renewables to almost double from $310bn/pa over the last five years to $615bn/pa over the next 20 years.