Big oil need to invest $350 billion on wind and solar energy
NEW YORK (CNNMoney) — Big Oil may be ignoring the rapid growth of solar and wind energy at its own peril.
Traditional energy companies need to act quickly or they risk being left behind when the world’s appetite for oil has finally peaked.
“Wind and solar are poised to radically reshape energy markets,” analysts at oil and gas consultancy Wood Mackenzie wrote in a report this week, calling it the “biggest shift in strategic direction in a generation.”
Big Oil must spend $350 billion on wind and solar between now and 2035 in order to have their renewable market share match the 12% they currently hold in oil and gas, Wood MacKenzie estimates.