This news article discusses the recent trend of oil majors reducing their investments in renewable energy projects. The article cites BP and Shell as examples, highlighting their divestment strategies. It also analyzes the potential impact of Donald Trump's potential return to power on renewable energy goals. Furthermore, the article focuses on India's surge in oil demand, surpassing China's growth rate, and attributes this to its expanding refinery capacity and robust economic growth.
Oil Majors Downscale Their Renewable Ambition - One of the key trends in oil major strategies this year has been the notable divestment of renewable projects, at times even reversing climate commitments amidst shaky non-fossil energy economics. - UK major BP which previously had committed to a 20-fold growth in renewable power buildout to 50GW, spun out its offshore wind projects into a JV with Japan's JERA whilst Shell stopped new investments into wind.
- With market rumors indicating that their smaller rival Mitsubishi might also join the holding company, Japan's very own version of Stellantis could have a combined market value of $50 billion. - Nissan developed the world's first electric car, the Nissan Leaf in 2010, but since then has become a mid-tier competitor in the EV landscape, particularly affected by the lack of attractive hybrid options in its lineup.
OIL RENEWABLES INVESTMENTS INDIA CHINA DEMAND
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