Adapted from Rystad Energy; Chart: Axios Visuals

European oil companies, led by Equinor and Royal Dutch Shell, are investing the most in solar and wind projects, according to new data from consultancy Rystad Energy.

Why it matters: Scrutinizing the actual size of renewable investments by big oil companies reveals the degree to which they’re serious about evolving into broader energy players as the world seeks to tackle climate change and shift to cleaner energy types.

Driving the news:

  • Equinor, which is making huge investments in offshore wind, makes up the lion’s share of the investments over the next five years ($10 billion out of $18 billion).
  • Shell ramps up its investments in the latter half of this decade.
  • BP, which has been an early mover in this space, has far fewer specific investments in the pipeline compared to its counterparts.
  • American companies’ absence in the chart reflects the fact that they invest next to nothing in wind and solar.

How it works: Rystad’s analysis considers solar and wind investments announced before June 1, and those that can be “pinpointed to specific projects,” according to a statement accompanying the research. The firm didn’t include funds dedicated to renewable-energy targets, for example, due to the uncertainty of them playing out.

What they’re saying: “Recent suggestions of ‘resilient green strategies’ or ‘business as usual’ simply do not carry much weight, with the exception of Equinor,” says Rystad Energy’s Product Manager for Renewables Gero Farruggio. “Not until later in the decade do we see an increase in renewable spending from other companies.”

The bottom line: The world’s biggest oil and gas companies are expected to invest more than $18 billion in solar and wind over the next five years, but that number pales in comparison to the $166 billion they are planning to spend on new oil and gas projects, Rystad explains.

Go deeper

Coronavirus pandemic zaps America's natural-gas export boom

Reproduced from EIA with IHS Markit data; Chart: Axios Visuals

After the U.S. exported a record amount of liquefied natural gas in late March, the coronavirus pandemic — paired with warm weather — cut that amount by more than half in June, according to IHS Markit data.

Why it matters: Politically, it's a blow to President Trump’s energy agenda. Economically, it's contributing to job losses and project delays in the oil-and-gas industry, which is now a significant part of the economy.

Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 12,772,755 — Total deaths: 566,036 — Total recoveries — 7,030,749Map.
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  3. Politics: Trump wears face mask in public for first time.
  4. States: Florida smashes single-day record for new coronavirus cases with over 15,000.
  5. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  6. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."
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Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

Florida reported 15,299 confirmed coronavirus cases on Sunday — a new single-day record for any state, according to its health department.

The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.