Offshore wind has become one of the most hotly contested sectors. Mega-size solar farms already cover large swaths of desert, from Morocco to Chile to Australia, while the battle for wind is increasingly happening at sea. Green supermajors have embarked on a global hunt for places where the sun shines strongly and the wind blows steadily. In the era of electric power, the world’s most coveted energy hot spots aren’t those harboring oil and gas deep in the ground. But all the clean energy supermajors will be defined by their geographic diversity, says Tom Heggarty, an analyst at Wood Mackenzie. Enel and Iberdrola have been among the first to expand, with growing presences in Latin America, North America and Australia. Some of the largest owners of wind and solar capacity will likely continue to be Chinese state-owned power companies. An estimated $11 trillion of renewables investment will be needed in the next 30 years to make that happen, and investors want in. A global transition to these cleaner fuels is the only chance we have of avoiding the most catastrophic effects of climate change. Renewable energy such as solar and wind can be generated without producing heat-trapping carbon dioxide. Other big renewables players include Brookfield Renewable Partners, whose portfolio includes 7,900 megawatts of hydro and 4,700 megawatts of wind, and RWE AG, whose renewables unit is planning to invest up to 5 billion euros ($6 billion) until 2022 on renewables and storage technologies. Unlike the biggest clean-energy giants in Europe, China Energy is almost entirely focused on its home market. The company has close to 40 gigawatts of renewable power generation capacity, according to BloombergNEF, more than any of the European and American majors. Coal is still a huge part of its business, with 185 gigawatts of thermal power produced in 2019. In 2017, it formed China Energy Investment Corp. Sources: NextEra Energy, Orsted, Iberdrola, EnelĬhina has also shifted its biggest state-run energy companies toward renewables.
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