Oil and gas industry set to increase green investments in 2021

07 Feb 2021

The oil and gas industry is expected to increase its investments in green technologies in 2021, according to DNV GL.

The analysis by risk management firm DNV GL finds that fossil fuel companies are ramping up their interest in the ‘energy systems of the future’ this year as they ‘seek to transform for the long term’.

It shows that a record two-thirds (66%) of the 1000 senior oil and gas professionals that were surveyed reported that their organisation is actively adapting to a less carbon-intensive energy mix in 2021, up from just 44% in 2018.

The report suggests priorities are shifting as investors ‘reassess the risks of financing oil and gas projects’, and as governments and industry ‘pour billions into green recovery strategies’ following the COVID-19 pandemic.

The research shows that 57% of oil and gas producers plan to increase investment in renewables, up from 44% last year, while 48% expect to increase investment in green or decarbonised gas.

For more information please visit DNV GL’s website.

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