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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

Amy Harder, author of Generate
Jul 20, 2020 - Energy & Environment
Column / Harder Line

Biden's climate plan tries to bring unions into clean energy

Photo illustration: Aïda Amer/Axios. Photo: Brendan Smialowski/AFP via Getty Images

Joe Biden’s latest climate change and clean energy plan mentions the word union more than it does the climate itself.

Why it matters: Wind and solar energy have grown immensely across America over the last decade, but associated union jobs have not. The Democrats’ presumptive presidential nominee is trying to change that, which politicians and others say is key to tackling climate change.

Dion Rabouin, author of Markets
Mar 13, 2019 - Energy & Environment

The age of American oil

Illustration: Rebecca Zisser/Axios

The U.S. has taken the global oil market by storm — becoming the world's largest oil producer in 2018 and on track to surpass Russia and perhaps even Saudi Arabia to become the world's top exporter by 2024.

Why it matters: Thanks to the end of a 40-year-old crude oil export ban signed by President Obama, a shale boom and a host of geopolitical sea changes, the U.S. is poised to reshape the global oil market over the next 10 years and beyond.

Video: The long, slow march toward renewable energy dependence

The world is increasing its dependence on renewable energy, but the shift away from fossil fuels has been long and slow due to the limitations of alternative sources — and the coronavirus crisis has only hurt progress.