Big Oil is essential if Renewable are needed to thrive. The extensive amount of expertise, experience, and financial backing of Big Oil is one of the most crucial factors driving wind energy in the United States. With robust investments from oil firms, the nation is experiencing a kick-start in the industry.
For a long time now, activists and international agencies have criticized Big Oil for playing an active role in climate change and environmental degradation. However, these firms themselves have been observed to make some of the significant investments in the past. Ultimately, this pushed the efforts to initiate Renewable energy projects in North America.
With the establishment of these projects, the wind capacity is estimated to scale up by 60% in the next five years. The estimated market valuation of the offshore wind industry is $87.5 billion by 2026. The estimated valuation will be a massive rise from $36.1 billion in 2019.
This exact scenario is heavily dependent on large investments and expertise from major energy experts to establish wind projects off the ground.In April 2021, Chevron emerged as the first American Big Oil player to invest in an offshore wind project. The company signed a collaborative deal with Norway’s Moreland intending to develop Ocergy, a turbine technology company. As a part of Chevron’s $300 million investment plan, the companies will be focused on offshore development with a larger goal of low-carbon output.