Oil market invests in the green economy

The international oil market has been trying to adapt to the green economy, which demands more sustainable energy generation practices. Around the globe, the strategies adopted by oil companies for this adaptation are varied. They range from technologies to reduce the side effects of oil and oil products to investments in renewable sources. Despite these efforts, less than 5% of the global oil companies' budget is dedicated to the generation of energy from renewable sources, according to data from the Institute for Strategic Studies of Petroleum and Natural Gas (Ineep).

Brazil ranks second in the world in terms of clean energy matrix (behind Norway only), and invests mainly in hydroelectric plants. It also explores solar and wind energy, but 55% of domestic consumption still comes from non-renewable sources. Petrobras, for example, has preferred to focus on projects to reduce carbon emissions instead of renewable sources. Campos de Goytacazes (RJ) is the company's only solar plant.

According to Clarissa Lins, president of the Brazilian Oil and Gas Institute (IBP), Brazil attracts emissions offset projects, with a focus on implementing clean counterparts for each ton of greenhouse gases emitted.

As for investment in renewable sources, companies like the British BP have focused on this strategy. The multinational acquired 43% of the capital of Lightsource, the leader in the solar industry in Europe in 2017. In Brazil, it has 2 gigawatts (GW) of solar panels and is a partner of BP Bunge Bioenergia, vice-leader of the sugar-energy sector in the national territory.

Another company that invests in this strategy is Equinor, from Norway. In 2018, it bought about 10% of the share capital of Scatec Solar ASA, through which it develops the Apodi solar energy complex, in Ceará.

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