Royal Dutch Shell
Shell has been investing in offshore wind power since the early 2000s and has several projects under development in Europe and North America. The company has set a goal to have 30 GW of renewable energy in its portfolio by 2025 and sees offshore wind as a key component of that goal. Shell’s investments in wind power have been well received by institutional investors and the media, however, they are still not considered as a major player in the renewable energy market compared to companies that fully focused on it.
Equinor
Equinor, formerly known as Statoil, has several offshore wind projects under development, including the Empire Wind project off the coast of New York and the Arkona project in the Baltic Sea. The company aims to generate 15-20% of its revenue from renewable energy by 2030. Equinor’s offshore wind projects have been positively received by institutional investors and the media, however, compared to companies that fully focused on renewable energy, Equinor is still considered as a latecomer in the offshore wind market.
ExxonMobil
ExxonMobil has partnered with PKN Orlen to develop offshore wind projects in the Baltic Sea. The company sees offshore wind as a way to diversify its energy portfolio and reduce its carbon emissions. ExxonMobil’s investments in offshore wind have been met with mixed reactions from institutional investors and the media. Some view it as a positive step towards a lower-carbon future, while others see it as a way for the company to maintain its dominance in the energy sector. compared to companies that fully focused on renewable energy, ExxonMobil is still considered as a newcomer in the offshore wind market.
BP
BP has invested in several offshore wind projects, including the Kincardine floating wind farm in Scotland and the Hornsea Project One off the coast of England. The company aims to generate 50% of its revenue from low carbon businesses by 2030. BP’s offshore wind projects have been well received by institutional investors and the media, however, compared to companies that fully focused on renewable energy
, BP is still considered as a latecomer in the offshore wind market.
Total
Total has invested in several offshore wind projects, including the Dudgeon Offshore Wind Farm in the UK and the Saint-Brieuc Offshore Wind Farm in France. The company has set a goal to have 25 GW of renewable energy in its portfolio by 2025, with offshore wind being a key component of that goal. Total’s investments in wind power have been positively received by institutional investors and the media, however, compared to companies that fully focused on renewable energy, Total is still considered as a newcomer in the offshore wind market.
It’s worth noting that these oil & gas producers are investing in offshore wind power as a diversification strategy, and they are still considered as a small percentage of their overall business. The companies are trying to adapt to the changing energy market, and the world’s transition towards more sustainable energy.
As renewables are becoming more cost-competitive, it makes sense for these companies to invest in them. However, it will take some time for them to catch up with companies that are fully focused on renewable energy.
