Oil and gas markets are ensnared by oversupply and falling prices, not to mention a global pandemic. It illustrates the need to be more responsive to changes in the energy climate. And the good news is that the signs are pointing to more investment in renewables, specifically offshore wind power.
It’s a business decision that is also addressing climate change. A new report by Wood MacKenzie says that $211 billion will get invested in offshore wind over the next five years — something that is well-suited for oil and gas companies. That is because they have an implicit understanding of the waters where the infrastructure would be placed. And as the coronavirus is demonstrating, those companies are also seeking to diversify their portfolios.