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