This year, clean energy is set to attract about two-thirds more investment than fossil fuels. Read more at straitstimes.com.
Shell’s pivot away from wind farms and solar parks to the oil and gas that drove record profits is the latest example of the world’s biggest energy companies spurning a crucial tool for cutting carbon dioxide emissions. BP previously softened its target for cutting fossil fuel production.
The shift may be most notable in the offshore wind sector, where oil companies have used their financial heft to win government auctions at record-setting prices in the US and Europe. That, along with inflation and supply-chain constraints, helped upend the economics of a technology crucial to decarbonising the power grid.
Still, there’s no sign the low-carbon transition is slowing. This year, clean energy is set to attract a record US$1.7 trillion of investment – about two-thirds more than the global investment in fossil fuels – according to data from the International Energy Agency . Still, times have been tough for major renewable power companies in recent years. Even as the deployment of wind and solar power sets records, the business case is being undermined by soaring inflation and rising interest rates.
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