Oil companies need to invest in renewables by 2035, says analysis firm
“The growth opportunity in renewables cannot be ignored,” says Tom Ellacott, senior vice president, Research, Corporate Analysis at Wood Mackenzie. “We forecast average annual growth rates of 6% for wind and 11% for solar over the next 20 years.”
Valentina Kretzchmar, director of research adds: “The momentum behind these [renewable] technologies is unstoppable now,” said Valentina Kretzschmar, director of research.
“They [the oil companies] are recognising it is a megatrend; it’s not a fad, it’s not going away. There is definitely a risk to their core business.”
Wood Mackenzie further claims that offshore wind may be the most attractive route to organic growth in the short terms, due to its flexibility and scalability on a par with upstream mega-projects.
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