Big Oil's clean-energy deals fall amid coronavirus pandemic
- Ben Geman, author of Axios Generate
Oil giants' pace of clean energy deals has slowed greatly as oil prices have collapsed, the research firm BloombergNEF said in a tally of activity by ExxonMobil, Chevron, Shell, BP and others.
What they found: "Up to 14 deals were announced in 1Q 2020, with only three reaching completion. This compares with 17 deals closed in 1Q 2019," the firm said in a brief note.
Why it matters: The findings provide an early look at how the pandemic is affecting near-term activity, even as European giants like Shell, BP and Total have announced or re-affirmed their long-term climate goals.
The big picture: "Longer-term, the low-carbon ambitions of the European majors are unlikely to be affected, but a prolonged period of low oil prices could inhibit the ability of the oil sector to invest in clean energy," they conclude.
Go deeper...Exclusive: IEA to track oil companies’ efforts on clean energy