GERARD JULIEN | AFP | Getty Images
Oil companies will increase their investment in renewables over the coming years but won’t become major investors in the technology that underpins the sector, according to a lead author of the International Energy Agency’s Renewable Energy Market Update.
Speaking to CNBC’s “Street Signs Europe” on Tuesday, Heymi Bahar explained there was a “changing momentum” when it came to oil firms investing in renewables.
“Today, our numbers show that only 0.5%, or even less than that, (of) renewable capacity installed is owned or contracted by oil companies, oil majors,” said Bahar, senior renewable energy analyst at the IEA.
“However, we expect the investment of oil…