French oil giant Total going big on solar energy

The French oil giant Total said Monday it would pay $2.5 billion for a 20% stake in the world’s largest solar developer, Adani Green Energy, an Indian firm. 

It’s the latest example of Big Oil trying to diversify and remain relevant as electric vehicles and other renewable technologies advance.

Doug Vine, senior fellow at the Center for Climate and Energy Solutions, said oil companies are responding to a host of pressures. 

“As concerns about climate change accelerate and as countries signal their commitments to fully decarbonizing their economies, the future of oil has never been more uncertain,” he said.

That uncertain future has led oil companies to begin the process of reinventing their business models. 

Total has invested in a mix of renewables. In going bigger on solar, Total is hedging its bets, Robert Kleinberg at Columbia University said.

Source: https://www.marketplace.org/2021/01/19/french-oil-giant-total-going-big-solar-energy/