We are in the biggest transition our energy systems have ever seen. Renewables are growing rapidly, and over time, oil and gas will play a smaller role. The plan we present today is a strategy to take advantage of the opportunities in the transition. This is not a new direction, but we are accelerating our transition, bringing forward our ambitions while growing cash flow and returns.
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The combination of ever-cheaper energy storage systems and state and federal policy support has heightened utilities’ interest in hybrid projects combining solar photovoltaics and storage (known as PVS for short). There are now over 19 GW of PVS projects in the pipeline in the U.S and expected to come online by 2023, and an additional 80 GW of projects in the interconnection queue.
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IEEFA has tracked 50 significant global financial institutions to date that have announced oil and gas investment restrictions, specifically on oil sands exploration and/or Arctic drilling. While 39 have declared a formal policy against oil sands and 37 on Arctic drilling, 26 financial institutions have restricted both. Most are an extension of existing policies restricting thermal coal power and coal mining lending.
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