Is There Still A Role For Oil Companies In Renewables?
Over the last two decades, the large western international oil and gas companies, or IOCs – BP, Chevron, ConocoPhillips, ExxonMobil, Shell and Total – have largely followed a common path with regard to renewable energy sources, albeit with variations in the pace and extent of their engagement. Specifically, initial moves into a wide range of technologies have been followed by a general withdrawal from many renewable positions. As of early 2015, the IOCs’ activities in renewables are mainly limited to biofuels. This pattern of engagement and then partial disengagement has been driven by a number of different factors, most of which are, unsurprisingly, rooted more in these companies’ core oil and gas activities than in external developments in renewables.
Is there still a role for oil companies in renewables?