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Collaboration key to O&G renewables push

Renewables companies have enough capital without IOC investment, and collaboration as well as M&As will be vital for IOC looking to gain marketshare

Total will outpace clean energy majors Iberdrola and Orsted in terms of renewable power capacity by 2030, according to analysis from Westwood Global Energy Group. But while Total has gained renewable capability quickly with an aggressive M&A strategy, such approaches will not be enough for oil and gas companies to gain market share in renewables. Rather, Westwood says collaboration is going to become key. The report quoted Total’s ambitions to reach 100GW of renewable power capacity by 2030, eclipsed only by Italy’s Enel, which aims to have 145GW. In comparison, Iberdrola set targets of 95GW and Orsted 30GW. While Total went on a spending spree last year for renewable companies, David

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