Global energy transition to require an annual investment of $4.1 trillion by 2050

According to EY’s latest report, solar and wind energy will power “almost everything” for the next decade. Renewables, in general, will align supply with demand, and oil and gas will become more environmentally friendly

Petrobras, Vale to seek opportunities for joint investment in renewables

The head of Brazil’s state oil firm Petrobras said it will sign a memorandum of understanding with mining giant Vale to study potential joint ventures in renewable energy, even as looks to new suppliers for diesel

Russia’s Sechin warns of ‘acute’ oil shortage amid drive for green energy

Igor Sechin, the head of Russian oil major Rosneft, said the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise

Iberdrola to invest $88 billion in ‘energy revolution’ by 2025

Spanish wind energy group Iberdrola plans to invest 75 billion euros ($88 billion) in its renewable energy production, grids and retail operations by 2025 to capitalise on growing global demand for clean power

Shell to cut up to 9,000 jobs in low-carbon transition

Royal Dutch Shell announced plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy

BP enters offshore wind with $1.1 billion Equinor deal

BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals

Virus sparks record drop in energy investment

The energy industry is set to suffer a record drop in investment due to the coronavirus fallout, the IEA said, and while renewables are likely to fare better than oil, any swift economic recovery could create a global fuel crunch