Renewable energy such as wind and solar can be generated without producing heat-trapping carbon dioxide. A global transition to these cleaner fuels is the only chance we have of avoiding the effects of climate change.
Four big companies namely – Enel, NextEra Energy, Iberdrola, and Orsted have come into view as the clean supermajors. They have the blow and financial might of the energy giants that plumbed the world over for oil and gas before them. These big guys are leading the race to electrify the global economy through renewable sources.
Cheaper solar panels and wind turbines are beginning to dominate new power installation, causing threats to the growth of natural gas on power grids and upending energy markets.
Interestingly, China has also shifted its largest state-run energy organisations toward renewables. The country formed the China Energy Investment Corp by merging two state-owned giants. According to BloombergNEF, the company has close to 40 gigawatts of renewable power generation capacity more than any of the American and European majors. In addition, China Energy is focused on its home market unlike the clean-energy giants in Europe.
Some other big renewables players include Brookfield Renewable Partners whose holdings include 4,700 MW of wind and 7,900 MW of hydro.
Quite amazing how the yearn for clean power bloomed. About five years ago, clean power was still viewed as a clamorous and fragmented business, occupied by upstarts trying to thin into the emerging market. However, presently clean energy is seen as secure and sustainable investments and insurers are struggling to own large portfolios of solar and wind farms.