Big oil and gas producers might finally have found a renewable energy they can fully embrace--largely because it has a lot in common with oil and gas. <\/p>\n
Driving the news: Up to 40% of the costs of offshore wind, including construction and maintenance of massive structures, overlap with offshore oil industry costs, a new International Energy Agency report finds.<\/p>\n
Where it stands: While the United States has just one (tiny) offshore wind farm, a boom is on the horizon with a slew of companies planning big projects. <\/p>\n
By the numbers: About 30% of the leases that the Interior Department has so far auctioned for future U.S. offshore wind farms are tied to the oil industry (Equinor and Shell), according to BloombergNEF data.<\/p>\n
Why it matters: These companies have deep pocketbooks and global reach. If they make big bets on offshore wind, which accounts for just 0.3% of global electricity today, the growth of this carbon-free energy source could exceed current expectations. <\/p>\n
The big picture: Big oil and gas companies are under pressure from shareholders, lawsuits and the public to more readily acknowledge their role fueling climate change and more fully embrace a global, albeit uneven, transition to cleaner energy sources. <\/p>\n
Between the lines: An increasing trend among these companies is to buy stakes in separate developers already focused on clean energy, such as solar and electric vehicle charging. <\/p>\n
Go deeper: Troubles lurk for Americas emerging offshore wind boom<\/p>\n
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Why some in Big Oil are looking to go big in offshore wind - Axios<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Big oil and gas producers might finally have found a renewable energy they can fully embrace--largely because it has a lot in common with oil and gas. Driving the news: Up to 40% of the costs of offshore wind, including construction and maintenance of massive structures, overlap with offshore oil industry costs, a new International Energy Agency report finds. Where it stands: While the United States has just one (tiny) offshore wind farm, a boom is on the horizon with a slew of companies planning big projects. Continue reading