Picture by: Moritz Kindler
Fossil fuels have provided the essential source of energy in which our modern-day infrastructure was built. The energy sector which was predominantly controlled by companies such as Royal Dutch Shell PLC, Exxon Mobil CORP. and PetroChina are known as the “supermajors” of the industry. Now however, they are being challenged by four new green supermajors who are aspiring to lead the industry down a more sustainable path.
The four companies in question are Enel, Iberdrola, NextEra Energy and Orsted. These companies started investing in the possibility of green energy back when the concept was considered too expensive and just an alternative to natural gases. Now however solar panels and wind turbines are being produced at much cheaper rates and is threatening the growth of the natural gas industry.
Although these companies need much more time for development before they can completely replace the 2.1 trillion-dollar oil industry, these four leading renewable energy giants have big future development ambitions.
NextEra Energy is a company based in the U.S and is currently the largest investor-owned producer of solar and wind energy, they have taken on the challenge of installing almost 30 million new solar panels by 2030 in Florida alone.
Enel is a company based in Italy and employ almost 67,000 employees. To get an idea about how much energy they produce, 1 gigawatt of energy is enough to power almost 300,000 homes, and currently they have a renewable capacity of 44 gigawatts they but are determined to boost this to 120 gigawatts by 2030.
Orsted a company based in Denmark is hoping to achieve 30 gigawatts of renewable power. Denmark is a leading force in sustainable development and is considered the most climate-friendly country in the world due to their extremely efficient polices on regulating greenhouse gas emissions.
Iberdrola is a company based in Spain but operating in many counties such as the US, UK and Australia. They have invested more than 100 billion Euros since they started their operations and are hoping to achieve a capacity of 95 gigawatts of clean renewable energy by 2030.
The biggest investors of green energy however are China and they have invested almost 83 billion dollars into the sector in 2019 alone, almost 30 billion more than the US. The Biden administration has highlighted the importance of switching to a more sustainable energy source and has undertaken plans to invest billions of dollars into developing such infrastructure.
Picture by: Chris Leboutiller
It is imperative that we make the transition from natural gas to renewable energy as our primary energy source, as this is the only way that we will be able to avoid the devastating effects of climate change. Droughts, heat waves, storms and rising sea levels are the harsh reality that we face if we continue with our dependence on fossil fuels. We should grab the golden opportunity that renewable energy promises to escape such a future.
August 24th | 9.15 AM