Another Renewables Spending Record Shows on the Horizon

Wind Industry Profile of

Capital expenditure for renewable energy projects is set for a new record in 2021, a Rystad Energy analysis shows, forecast to reach $243 billion, and narrowing the gap with oil and gas spending, which is projected to be relatively flat this year at $311 billion. While oilfield service suppliers have taken considerable steps to make structural changes and diversify, 2020’s financial results suggest more needs to be done.

Renewables capex, which equals purchases from supply firms, is set for another record year, picking up where last year left off, when spending hit $224 billion. By contrast, oil and gas capex this year is expected to stay in line with 2020’s $306 billion – a far cry from the industry’s better days, as just in 2019 E&Ps splurged $422... ... More: Official Press Release Rystad Energy

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