Norway unveiled plans on Wednesday for a major expansion in offshore wind energy by 2040, aiming to turn a country that has built its wealth on oil and gas into an exporter of renewable electricity.

The centre-left government, which has come under criticism from environmentalists for continuing to support the oil and gas industry, has set a goal of developing 30 gigawatts (GW) of offshore wind capacity by 2040.

Norway to Ramp Up Offshore Wind in Drive to go Green | Devamı>>>

Oil and gas markets are ensnared by oversupply and falling prices, not to mention a global pandemic. It illustrates the need to be more responsive to changes in the energy climate. And the good news is that the signs are pointing to more investment in renewables, specifically offshore wind power.

It’s a business decision that is also addressing climate change. A new report by Wood MacKenzie says that $211 billion will get invested in offshore wind over the next five years — something that is well-suited for oil and gas companies.

Oil And Gas Companies See Opportunity In Offshore Wind Energy | Devamı>>>