“The largest oil and gas companies are coming out ready to invest in clean energy, and this shows that renewables are cost competitive with fossil fuels. This is the best way to show renewable energy is worth watching, ”said Kyle Harrison, an analyst at Bloomberg NEF in New York.

Exxon representatives, in turn, said that they are assessing the possibility of supplying energy to their facilities and, among other things, are considering renewable energy sources.

More oil companies are investing in renewable energy as the number of people (and companies) turning to clean energy as an alternative to traditional energy sources increases every day. Notably, BP was one of the first major oil and gas corporations to invest in renewables – last year the company invested $ 200 million in solar energy, which focuses on long-term development and management of solar projects. While many did not expect such a move from the company, BP explained why it is important to invest in new energy sources. The partnership not only makes strategic sense, the company says, but it will enable the company to implement its carbon reduction program. Solar energy is the fastest growing source of energy and we are delighted to be at the forefront of this development and stay in trend.

Exxon has just started using green energy. Colin Smith, senior solar analyst at Wood Mackenzie Power & Renewables, said Exxon’s decision to invest in renewables could mark a new direction for the company. Consider Shell, for example, which plans to take 32 percent of solar and 13 percent of wind power by 2070.

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