How the six major oil companies have invested in renewable energy projects

first_imgShellShell’s investment target for green energy projects was set between $4bn and $6bn for the period from 2016 until the end of 2020 – but with less than a year to go, The Guardian says the sum is “well below” those figures.The Anglo-Dutch firm’s 2016 New Energies strategy covers several areas including electricity, wind and solar, electric vehicle charging, and initiatives to encourage the adoption of hydrogen fuel cell electric vehicles.It spent a reported $2bn on setting up a low-carbon energy and electricity generation business in 2016 – ensuring it was on course to meet its targets at the time.The following year, it acquired UK-based electricity and gas provider First Utility, as well as Europe’s largest electric vehicle charging company NewMotion.In 2018, Shell bought a 44% stake in US solar power firm Silicon Ranch for $200m and made a $20m equity investment in India-based renewable power company Husk Power Systems. Major oil companies’ investments in renewable energy projectsBPBP was the first oil major to commit significant capital to renewable projects, such as wind and solar, from 1980 onwards.Formerly known as the British Petroleum Company, it rebranded to Beyond Petroleum in 2001 with a look towards other energy sources beyond oil.In the aftermath of the 2010 Deep Water Horizon oil spill incident in the Gulf of Mexico, BP closed most of its previous green energy investments, believed to be worth about $8bn to $10bn.But the company still has more than 2200 megawatts (MW) of wind capacity in the US and has started to re-invest in renewables in recent years.BP has been investing in solar power in recent years (Credit: Mike Mozart/Flickr)It spent $200m in 2017 on acquiring a 43% stake in Lightsource, which has rebranded to Lightsource BP and is Europe’s largest solar power project developer.In 2018, the firm made three investments to prepare for a low-carbon future.The first of which was a $20m investment in StoreDot, an Israeli developer of rapid-charging batteries.BP then made a $5m investment in US company FreeWire, which makes fast-charging infrastructure for electric vehicles.And finally, $160m was spent on acquiring Chargemaster, the UK’s leading network of charging points.This allowed the oil firm an opportunity to combine Chargemaster’s 6,500 charging points network with its 1,200 petrol stations. Following the power crisis in Texas, some politicians blamed the power shortages on frozen wind turbines (Credit: Wikimedia Commons/Tom Corser) Oil and gas is often painted as the dirtiest sector within the energy industry, but major companies have begun to invest in renewable technologies in a bid to clean up the economy.Of the six “super-majors” – BP, Shell, Chevron, Total, Eni and Exxon – many of them have pumped billions into clean energy projects, although question marks remain over whether they are doing enough.Despite the growth in renewables, “big oil” only spent 1% of its combined budget on green energy schemes in 2018.Matthias J Pickl, economics professor at King Fahd University of Petroleum and Minerals in Saudi Arabia, wrote a report in November 2019 discussing whether oil companies are transforming themselves into energy firms.Titled The renewable energy strategies of oil majors – From oil to energy?, it highlighted how wind and solar are taking an increasingly important role in the energy industry, and that oil majors are “progressively positioning themselves for the proclaimed energy transition”.“Oil firms are essentially attempting to figure out how the best presently available cash cow in the world can be replaced for the benefit of their own sustainable future,” he wrote in the report.“Furthermore, growing concerns about climate change following the Paris Agreement may provide an additional drive for such strategy to hedge against hardening investor sentiment towards carbon emissions.”Here, NS Energy looks into how each of the six oil majors have invested in renewable energy projects. EniAlthough Eni is not quite up to speed with its rival oil majors, the Italian company has plans in place to invest further in renewable technologies.In 2014, it launched the world’s first conversion of a traditional refinery to a biorefinery that produces jet fuel, green diesel, green naphtha and liquid petroleum gas.With an eye on growing its onshore and offshore wind capacity, Eni formed partnerships with France-based GE Renewable Energy and Norwegian energy company Equinor.Clean energy sources play a key role in the firm’s corporate strategy and it is targeting to deliver 1GW of installed renewable power capacity between 2018 and 2021 by investing €1.2bn ($1.3bn), with a long-term goal of reaching 5GW by 2025. Some of the oil majors have invested heavily in renewables, such as wind and solar, as they look to transition towards cleaner energy sources center_img ExxonMobilLike its US counterpart, Exxon has shown very little interest in investing in renewable energy technologies, with no budget or time-scale planned for future projects.The company’s strategy revolves around reducing greenhouse gas emissions, advancing biofuels, and carbon capture and storage (CCS).Exxon holds interests in about a third of the world’s CCS capacity and captured 6.9 million metric tonnes of carbon dioxide for sequestration – the process of separating the gas from the atmosphere – in 2015.In 2019, it announced plans to develop carbon capture fuel cell technology, which produces power and captures and concentrates CO2 for storage – resulting in potential cost reductions. TotalTotal’s plan for renewables is to invest $500m a year in clean energy technologies.That figure is about 3% of the French oil major’s total capital expenditure, with plans in place to ramp that up to 20% over the next 20 years.Total is aiming to become a global integrated leader in solar power (Credit: Flickr/Dept of Energy Solar Decathlon)Over the past 10 years, it has made a number of strategic investments, which included $1.4bn being spent on acquiring a 60% stake in US solar firm SunPower in 2011.Total is aiming to become a global integrated leader in solar power and has 1.6 gigawatts (GW) worth of capacity, and plans to increase that to 5GW over the next five years.In 2016, it purchased French battery manufacturer Saft for $1.1bn and bought Belgian green power utility Lampiris for $224m.Total acquired a 74% stake in the French electricity retailer Direct Energie for $1.7bn in 2018, propelling the company forward into being one of the top utility providers in France. ChevronChevron’s investments in renewables have been relatively scarce, with no target in place for a move to cleaner technology.The US firm has invested in solar, wind and geothermal projects over the past 20 years but, following low returns, the focus has remained on its oil and gas business.In 2018, Chevron launched a Future Energy Fund, with an initial commitment of $100m set aside to invest in breakthrough technologies that will reduce carbon emissions and provide cleaner energy.last_img read more

Kerber downs pocket rocket Doi to reach quarter-finals

first_imgSuperior court craft proved decisive for Australian Open champion Angelique Kerber on Monday as she motored past Japanese pocket rocket Misaki Doi 6-3 6-1 in a full-blooded fourth-round match on Wimbledon’s Court Two.German fourth seed Kerber, who reached the semi-finals at the All England Club in 2012, risked being overpowered early in the first set as her 5-foot-3 (1.59 metre) opponent bludgeoned forehand winners to both sides of the court.But Kerber, who shocked world number one Serena Williams to win her maiden grand slam title in Melbourne in January, gradually found her range on her groundstrokes while 49th-ranked Doi’s radar began to slip.In a match full of mesmerising rallies, Kerber broke twice in the first set, winning it on her third set point, before cruising through the second as Doi’s challenge fizzled out.   – Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

Under the Radar at UFC 235: Pedro Munhoz

first_imgJoin DAZN and watch more than 100 fight nights a yearHe has looked terrific as of late and has the potential to cause further chaos in the bantamweight division by handing Garbrandt a third consecutive loss this weekend in Las Vegas.Don’t sleep on Pedro Munhoz; he’s a real player in the 135-pound ranks. Prior to every event, Under the Radar will cast the spotlight on an up-and-coming talent who shows the potential for growth in their division and isn’t getting enough attention as they head into battle.Name: Pedro Munhoz Record: 17-3 (1 NC) overall; 7-3 (1 NC) UFCDivision: BantamweightTeam: American Top TeamPedro Munhoz just hasn’t been able to put together the right wins at the right time in order to propel himself into the thick of the title chase in the bantamweight division, but that doesn’t mean the 32-year-old “Young Punisher” shouldn’t be viewed as a viable threat in the division.While Munhoz has earned some quality wins inside the Octagon, including first-round finishes of Rob Font and Bryan Caraway, it’s his trio of losses that really illustrate where he fits in the bantamweight hierarchy and why he is someone people should be paying closer attention to heading into UFC 235 this weekend in Las Vegas.Join DAZN and watch more than 100 fight nights a yearAfter racking up 10 consecutive victories to start his career, including winning and defending the RFA bantamweight title, Munhoz debuted in the Octagon on short notice and went the distance in a losing effort against Raphael Assuncao, who was fresh off his split-decision win over TJ Dillashaw and 5-0 in the division at the time.His two other losses both came by split decision — one to Jimmie Rivera a little over three years ago and most recently to John Dodson last March. Both fights were closely contested and no one would have batted an eye if the split fell in Munhoz’s favor in either instance.He’s one round on one scorecard away from entering this weekend’s matchup with former champ Cody Garbrandt on a seven-fight winning streak — and two rounds on two cards away from being unbeaten in his last 10 — and yet very few people seem to view the Brazilian finisher as a real threat in the 135-pound ranks.And that’s a mistake.While some will look at those three losses to top contenders and categorize Munhoz as a talented guy, who isn’t quite good enough to beat the best the division has to offer, I look at him as a tough matchup for just about anyone and someone whose skills and abilities are far greater than his results would indicate.It’s the case I make whenever James Vick fights and talks about how guys aren’t on his level and cites his nine wins — quality matters more than quantity, so while Vick and others have shinier records, give me a guy like Munhoz (or Paul Felder last week against Vick) who might have caught a couple of losses along the way, but has been in there with and proven himself against significantly greater competition.Which is why I think he’s being overlooked heading into this fight with Garbrandt on Saturday.In terms of style and demeanor, Munhoz is the exact opposite type of guy I would want to come back against if I’m the former champion because he’s never been finished, has no problem getting into a firefight if that’s what you’re looking for and has an arsenal of weapons he can finish you with if you get loose and make a mistake … which is precisely what Garbrandt has done in each of his last two fights.While he carries a reputation for being “a submission guy,” Munhoz has much better boxing and power in his hands than he’s often given credit for and his submission wins often come as a result of his landing big shots that put opponents down or turn them into panic wrestlers. If he gets you in that position, Munhoz has shown he’s adept at finishing, either by following up with strikes or clamping on his signature guillotine choke, which he can secure in a flash.The most interesting wrinkle in this fight — at least to me — is how the Brazilian will hold up if Garbrandt is able to land big shots on the feet. Thus far, Munhoz has proven to be ultra-durable, but “No Love” sits down on his punches and carries more power than just about anyone in the division, so if he lands clean, Munhoz’s chin will be put to the test.This is the fight I’m looking forward to the most on Saturday night because it’s such an intriguing clash of styles and Munhoz feels like such a criminally underrated talent heading into a winnable fight against a former champion.last_img read more