Big Oil will cash in on sun and wind

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Covid-19 and ESG have crushed the stock prices of companies like Total and BP. Listing their growing renewables businesses would help capitalise on inflated valuations, writes gfhay: ReutersFlasseur BVPredictions2021

The European Union unveiled plans on Nov. 19 to transform its electricity system to rely mostly on renewable forms of energy within a decade and increase its offshore wind capacity 25-fold by 2050.

Renewable sources such as wind and solar provide roughly a third of EU electricity, but the bloc says that share will need to expand to about two-thirds by 2030 to put it on track for its plan to become carbon-neutral by 2050. The European Commission said in its offshore renewable energy plan that the EU’s climate change targets required 60 gigawatts of offshore wind by 2030 and 300 GW by 2050, confirming draft plans reported earlier by Reuters.The silhouette of a child walking at New Brighton beach is seen with the Burbo Bank wind farm behind before sunset, following the outbreak of the coronavirus disease , in New Brighton, Britain, May 5, 2020.

 

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