• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Big oil short of $124 billion to meet 2030 net-zero targets

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
29
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Big oil short of $124 billion to meet 2030 net-zero targets

International oil companies have accelerated spending plans on renewable energy projects, but they still need to allocate an extra $124bn to meet their net-zero targets by 2030, according to estimates by energy research firm Rystad. 

However, Gero Farruggio, head of renewables at Rystad, is optimistic. “I have no doubts these companies will achieve their targeted capacity by 2030, given their current pace of acquisition [of renewable energy projects],” he says. 

These companies have been rushing to announce ambitious investment plans to decarbonise their industrial footprint. On September 14, US Chevron unveiled a $10bn energy transition investment, joining the long list of oil and gas peers that announced similar plans earlier this year. To date, international oil companies have committed a total $86bn to developing their portfolios of renewable energy projects, Rystad estimates. 

Most of the projects in these portfolios have yet to come online, though. Rystad figures show that IOCs operate some 9.3GW of utility renewables globally — less than 1% of global green energy generation — with a further 5GW under construction.  

Read: Bank of Ghana posts Ghs 1.57 billion net profit for 2020

Even if these companies managed to fully develop their portfolios, many more projects are needed for them to close in on their energy transition ambitions.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

i

“Their existing portfolios make up a fraction of the capacity they want to achieve by 2030,” Mr Farruggio says, although this varies greatly across the companies analysed by Rystad.

On the one hand, Norwegian Equinor, Spanish Repsol and Anglo-Dutch Shell are on par to meet their 2030 targets; on the other hand, the existing portfolio of projects of BP and Total Energies accounts for less than a half of the 50GW of installed green energy capacity that each company wants to have in place by 2030. 

“That’s the scale of the challenge some of these companies are facing,” Mr Farruggio notes.

Source: fdiintelligence
Via: norvanreports
Tags: Big oil short of $124 billion to meet 2030 net-zero targetsCovid-19decarboniseInternational Oil Companies
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.