Oil giants Shell and BP believe their large balance sheets will allow them to become major players in the renewable energy market, as a global move away from subsidies for large-scale renewable energy projects plays to the strengths of new heavily funded entrants from the oil and gas sector. The companies are also looking at ways they can use their existing assets more efficiently by investing in renewables such as wind farms or solar panels.
Oil giants Shell and BP believe their large balance sheets will allow them to become major players in the renewable energy market, as a global move away from subsidies for large-scale renewable energy projects plays to the strengths of new heavily funded entrants from the oil and gas sector. Both companies are already undertaking projects in the renewable sector, and believe that the market shift away from subsidies and revenue certainty will provide challenges for existing developers.