Investing in renewables is the right path, both to help combat climate change and to secure financial returns. Even the global oil giants appear to have understood this, and are stepping forward with growing conviction to acquire stakes in companies and projects revolving around clean energy. This is revealed by Bloomberg New Energy Finance, citing data that leaves no room for doubt.

Those 6 billion spent on clean energy shares

The pressures pushing oil multinationals to diversify their business are growing ever stronger, as they adapt to the energy transition now under way and avoid missing out on the dizzying growth of clean technologies. And they, without making a sound, are beginning to carve out an ever-larger space in the renewables market. According to Bloomberg, over the past fifteen years they have spent 6.2 billion dollars to acquire stakes in companies working in the clean energy sector, totalling 428 transactions, including acquisitions, investments and venture capital. And the pace continues to increase: if 21 were completed in 2015, by 2016 the figure had reached 44.

Big oil companies invest in solar

Making precise numerical estimates is not straightforward, as not all investments are in the public domain. According to Bloomberg New Energy Finance, clean energy as a whole attracted 290 billion dollars in 2016. The oil majors appear particularly drawn to solar energy, followed by wind. Specifically, offshore wind projects, owing to their scale, carry greater business risks: this means that, conversely, from a financial standpoint they can offer particularly attractive returns. Interest in biofuels, on the other hand, is declining — they were more sought-after when oil prices were higher.

Renewables are profitable

Understandably, if companies with billion-dollar turnovers are taking this path, it means there is a clear financial advantage. Richard Chatterton, one of the authors of the Bloomberg report, puts it plainly: "Oil multinationals are identifying opportunities and building expertise. And, when the commercial opportunities become clear, they will invest at scale." For now, the journey has only just begun and the sums spent on clean energy are still only a fraction of those invested each year in oil. But the path has now been taken: and the growth of renewables is now unstoppable.