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Early in 2020 a “Pivot or Die” realisation opened a trans-Atlantic divide. EU Oil & Gas Majors (BP @Shell @Total @eni & @Equinor) announced aggressive pivot & decarbonisation goals. North American firms put their heads in the well, set to follow Chesapeake Energy into oblivion.
First @BP_plc CEO Bernard Looney initially talked of spending $500m pa on renewables, but even as NGOs were shouting greenwash again, this was quickly stepped up TENFOLD to US$5bn pa, with an ambitious 50GW of renewable infrastructure by 2030.
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/from-international-oil-company-to-integrated-energy-company-bp-sets-out-strategy-for-decade-of-delivery-towards-net-zero-ambition.htm
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/from-international-oil-company-to-integrated-energy-company-bp-sets-out-strategy-for-decade-of-delivery-towards-net-zero-ambition.htm
This week @BP_plc announced its first offshore wind venture, paying @Equinor US$1.1bn for a 50% stake in two offshore wind developments of 4.4GW capacity potential and the formation of a strategic partnership. 
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-and-equinor-form-strategic-partnership-to-develop-offshore-wind-energy-in-us.html
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-and-equinor-form-strategic-partnership-to-develop-offshore-wind-energy-in-us.html
July 2020 saw @BP_plc sign an MoU with JinkoSolar of China to provide decarbonised Energy-as-a-Service solutions.
China is the world's fastest growing renewables market. The country aims to reach 50% of power generation from non-fossil fuels by 2030.
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-partners-with-jinkopower-a-leading-chinese-solar-energy-company-to-offer-integrated-decarbonised-energy-solutions.html
China is the world's fastest growing renewables market. The country aims to reach 50% of power generation from non-fossil fuels by 2030.
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-partners-with-jinkopower-a-leading-chinese-solar-energy-company-to-offer-integrated-decarbonised-energy-solutions.html
In July 2020 @BP_plc put its toe into the Indian Renewable Energy sector, with a US$70m investment in in India’s Green Growth Equity Fund. 
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-to-invest-70-million-dollars-in-indias-green-growth-equity-fund.html
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-to-invest-70-million-dollars-in-indias-green-growth-equity-fund.html
And there is more than a hint that the next Five Year Plan with focus on China's world leadership in industries accelerating decarbonisation.
Last month PetroChina Co pledged to cut emissions to near zero by 2050.
https://www.reuters.com/article/us-china-petrochina-results/petrochina-posts-44-billion-first-half-loss-pledges-near-zero-emissions-by-2050-idUSKBN25N1CC By @muyxu & Chen Aizhu
Last month PetroChina Co pledged to cut emissions to near zero by 2050.
https://www.reuters.com/article/us-china-petrochina-results/petrochina-posts-44-billion-first-half-loss-pledges-near-zero-emissions-by-2050-idUSKBN25N1CC By @muyxu & Chen Aizhu
September 2020 saw Sinopec and CNOOC make tentative moves towards renewables as well.
Sinopec President Zhang Yuzhuo stated: “It is a strategic move. But as it will not bring an immediate return for shareholders, we will proceed with caution.” https://www.reuters.com/article/us-china-oil-lowercarbon/chinas-energy-giants-tiptoe-into-renewables-idUSKBN25U1QG
Sinopec President Zhang Yuzhuo stated: “It is a strategic move. But as it will not bring an immediate return for shareholders, we will proceed with caution.” https://www.reuters.com/article/us-china-oil-lowercarbon/chinas-energy-giants-tiptoe-into-renewables-idUSKBN25U1QG
But @BP_plc's moves should not be seen in isolation. A global capital pivot is happening.
In September 2020 @Total & @Macquarie announced a JV to develop a 2.3GW portfolio of offshore wind in South Korea.
https://www.afr.com/companies/energy/macquarie-joins-total-in-wind-mega-project-off-korea-20200901-p55rdu by @angelamacd
In September 2020 @Total & @Macquarie announced a JV to develop a 2.3GW portfolio of offshore wind in South Korea.
https://www.afr.com/companies/energy/macquarie-joins-total-in-wind-mega-project-off-korea-20200901-p55rdu by @angelamacd
And in September 2020 @Total & Group PSA announced a new AUTOMOTIVE CELLS COMPANY JV to develop the new high-performance lithium-ion technologies. Mass production could be launched in two "gigafactories", in Douvrin & Kaiserslautern 
. https://www.total.com/media/news/communiques/groupe-psa-and-total-create-automotive-cells-company-joint-venture-dedicated
& Kaiserslautern . https://www.total.com/media/news/communiques/groupe-psa-and-total-create-automotive-cells-company-joint-venture-dedicated
And @Equinor has partnered with Jera & J-Power to enter a joint bid agreement prior to Japan’s upcoming Round 1 offshore wind auction. 
https://www.equinor.com/en/news/2020-09-equinor-teams-up-for-wind-growth-in-japan.html
https://www.equinor.com/en/news/2020-09-equinor-teams-up-for-wind-growth-in-japan.html
And July 2020 saw @Shell & @Eneco (now a subsidiary of Mitsubishi Corp & Chubu Electric ) awarded the 759MW Dutch tender for the subsidy-free offshore wind farm Hollandse Kust. 
https://www.shell.com/media/news-and-media-releases/2020/crosswind-wins-tender-for-hollandse-kust-noord-wind-farm.html
) awarded the 759MW Dutch tender for the subsidy-free offshore wind farm Hollandse Kust. https://www.shell.com/media/news-and-media-releases/2020/crosswind-wins-tender-for-hollandse-kust-noord-wind-farm.html
And July 2020 saw a consortium including @Repsol, @EdpRenewables & @ENGIEgroup take the first floating wind farm in continental Europe fully operational, connected to the grid in Portugal. 
The 25MW WindFloat Atlantic follow's Scotland's lead. https://www.repsol.com/en/press-room/press-releases/2020/the-first-floating-wind-farm-in-continental-europe-is-now-fully-operational.cshtml
The 25MW WindFloat Atlantic follow's Scotland's lead. https://www.repsol.com/en/press-room/press-releases/2020/the-first-floating-wind-farm-in-continental-europe-is-now-fully-operational.cshtml
And also in July 2020 @Repsol also moved into Chile to develop #solar power, creating a JV with Grupo Ibereólica Renovables to develop 1.6GW by 2025. 
https://www.repsol.com/en/press-room/press-releases/2020/repsol-buys-renewables-assets-in-chile.cshtml
https://www.repsol.com/en/press-room/press-releases/2020/repsol-buys-renewables-assets-in-chile.cshtml
And August 2020 saw @eni acquire renewables developer, Building Energy Holdings US, as a step towards its 15GW of renewables by 2030 target. 
Its like there is a theme here - Oil & Gas majors pivoting to re-invent themes as energy companies. https://www.eni.com/en-IT/media/press-release/2020/08/falck-renewables-eni-us-sign-agreement.html
Its like there is a theme here - Oil & Gas majors pivoting to re-invent themes as energy companies. https://www.eni.com/en-IT/media/press-release/2020/08/falck-renewables-eni-us-sign-agreement.html
Its like this might be working in tandem with globally significant financial institutions releasing formal coal exit policies. Like PKO, Poland's largest bank this week.
#139 GSFI in total, with #50 new or enhanced policy announcements to-date in 2020.
https://www.eceee.org/all-news/news/poland-to-accelerate-coal-phase-out-spend-billions-on-renewable-and-nuclear-energy/
#139 GSFI in total, with #50 new or enhanced policy announcements to-date in 2020.
https://www.eceee.org/all-news/news/poland-to-accelerate-coal-phase-out-spend-billions-on-renewable-and-nuclear-energy/
Maybe US$160bn of oil & gas write downs in the June 2020 half has something to do with this?! US$57bn by seven Oil & Gas majors alone. As @WoodMackenzie reports, the majority of Oil & Gas firms are now cashflow negative. https://www.woodmac.com/news/the-edge/competing-for-capital-in-a-downcycle/
