Oil majors turn to renewable energies

Paris

THE companies that drill black gold are going a little bit green: taking stakes in renewable energies that are growing rapidly, enabling oil firms to diversify revenue and show commitment to fighting climate change.

In the past, such swings have been written off by environmental campaigners as greenwash, and just as likely to be reversed once low oil prices go up again. But analysts say that, even though only a tiny per cent of oil majors' investment goes into renewables, the interest this time seems to be sustained, and underpinned by solid profit.

"It is not a purely economic trend" driven by low crude prices, said Francis Perrin, president of SPE, which publishes a number of energy-relat…