Between 2014 and 2019, global oil and gas investment fell from over $1 trillion per year to less than $800 billion, a 32% drop.
For oil and gas enthusiasts, these figures are alarming. But for proponents of clean energy, there are reasons to celebrate. First, the fact that fossil fuel investments have reduced is a win but more significantly, investments into low carbon fuels have increased, even from oil and gas companies. In spite of the pandemic, in 2020, 1% of the oil and gas industry’s total capital expenditure went into clean energy investments and this value was estimated at 4% in 2021.
Clean energy investments are key for achieving decarbonisation which is the reduction of emissions of greenhouse gases. While electricity and renewable