Illustration: Rebecca Zisser/Axios

The Trafigura Group, a giant trader of oil and other commodities, is forming a new company to invest in renewables and energy storage projects worldwide.

Driving the news: Nala Renewables is a joint venture with the fund manager IFM Investors. They hope to develop 2 gigawatts worth of projects over the next five years.

Why it matters: "As the world shifts away from fossil fuels, big oil and gas traders are starting to reposition their businesses and are looking to invest in more sustainable energy sources," notes the Financial Times, which first reported the move.

  • It's hardly just traders. Huge drilling services companies like Schlumberger have been launching new clean energy divisions and investments.

How it works: The new company will look to build and operate renewables projects in markets where Trafigura is already active, notably Europe, Asia and some emerging markets, they said.

  • The joint venture will also develop projects next to Trafigura's holdings in mining, port and infrastructure in order to directly provide some of them renewable power, the announcement states.

Go deeper

Ben Geman, author of Generate
Oct 25, 2020 - Energy & Environment

Canadian oil heavyweights team up in $18 billion deal

Cenovus Energy is buying Husky Energy in an all-stock deal valued at $18 billion including debt, the latest step in a wave of industry consolidation amid a pandemic that has sapped oil prices and demand.

Why it matters: The agreement will create Canada's third-largest oil-and-gas producer, with 750,000 barrels of oil equivalent per day in combined production, the company said, which includes lots of oil-sands and heavy oil output.

Ben Geman, author of Generate
Oct 26, 2020 - Energy & Environment

Trump reaches for oily lifeline

Illustration: Sarah Grillo/Axios

President Trump's campaign is making energy policy a prominent part of its closing swing state attacks against Joe Biden — especially in Pennsylvania, a state critical to Trump's reelection effort where he's trailing in the polls.

Driving the news: Trump's efforts include a new ad in Pennsylvania alleging that his Democratic presidential rival would crush the state's gas industry, and his campaign has aggressively deployed surrogates talking about energy in recent days.

Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.