Petrochemical Companies Escalating Investments in Renewable Energy Resources
- Journalist: Timothy Greene
Comprehending the shift in consumer preferences accompanied by new evolving technologies on green energy, Global and Indian petrochemical companies are re-evaluating their strategies and are continuously escalating their investments in renewable energy resources. So far this year, oil and gas industry has all together closed 70 deals in the green energy sector, surpassing the number in the year 2018. Eyeing on recent investments, British Petroleum, invested $ 700 million worth in India’s Green Growth Equity Fund. In addition, Shel India incorporated 20 per cent share in Orb Energy with an aim to supply green energy to 100 million people in developing countries. As India is whole heartedly focussed to reduce emission intensity by around 30-33 per cent by end of 2030, ONGC, a state-owned oil and gas company, has also planned to upscale its green energy capacity from 176MW to 5-10 GW in coming 15 years. Moreover, Indian Oil Corporation is all set to upscale its wind and solar power portfolio to 260MW by the end of Q3 of FY 21. According to Analyst, these investments aim at safeguarding the revenue of oil and gas companies in near future by pre exempting government norms on carbon emission and incorporating necessary changes to keep in line with them.