Re­new­ables Revival

OIL AND GAS COM­PA­NIES ARE MOV­ING US TO­WARDS A VI­ABLE RE­NEW­ABLE EN­ERGY FU­TURE

Alberta Oil - - CONTENTS - BY WIL­LOW WHITE

The oil in­dus­try has been de­vel­op­ing and de­ploy­ing re­new­able en­ergy for decades. And Canada has of­ten led the field

FOUR PER­CENT GROWTH DOESN’T SOUND LIKE MUCH. But that’s all it took to make 2015 a record-break­ing year for global in­vest­ment in re­new­able en­ergy, which last year topped $329 bil­lion. And though it may sur­prise most en­vi­ron­men­tal­ists, the oil and gas in­dus­try played a sig­nif­i­cant role in that year-over-year in­crease—and they’re on track to do it again in 2016. The truth is, how­ever, they’ve been at it for a while.

Let’s rewind for a mo­ment to the 1970s. Exxon is then study­ing the first lithium-ion bat­tery, an in­no­va­tion that will drive the so­lar stor­age in­dus­try, and Chevron is in­vest­ing in two mas­sive geo­ther­mal projects in the Philip­pines. Today, Chevron is one of the largest pro­duc­ers of geo­ther­mal power glob­ally and the com­pany pro­vides clean en­ergy to millions of peo­ple in the de­vel­op­ing world. The in­dus­try con­tin­ues to in­vest in re­new­ables de­spite an abun­dance of cheap oil. In the fall of 2015, To­tal an­nounced plans to in­vest $500 mil­lion per year into de­vel­op­ing clean en­ergy.

AL­BER­TAOIL­MAGAZINE.COM

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