en.Wedoany.com Reported - GlobalData's latest forecast indicates that renewable energy will supply over 40% of global electricity generation by 2030, with oil and gas companies still adopting a cautious approach to clean energy investments.

GlobalData's strategic intelligence report, "Renewable Energy in Oil and Gas," projects that renewable electricity generation will grow from 7.4 PWh in 2020 to 16.1 PWh in 2030, at a compound annual growth rate of 8.1%. During the same period, the share of fossil fuels in global power generation is expected to decline from 62% to 50%.

The report notes that global electricity generation has increased by approximately 30% over the past decade, while renewable energy capacity has nearly doubled. GlobalData analyst Ravindra Puranik stated that the development of renewable energy is driven by global decarbonization efforts and energy security concerns. The costs of solar and wind projects have decreased due to technological improvements and economies of scale, leading to a reduction in the levelized cost of renewable energy for end users.

Major oil and gas companies such as TotalEnergies, BP, and Shell continue to invest in renewable energy projects, though spending has slowed in some regions. BP recently withdrew from the Beacon Wind project off the coast of New York, and Equinor has adjusted its renewable energy targets due to rising costs.

Supportive regulatory policies in Europe and Asia are driving renewable energy investments, while high costs, regulatory uncertainty, and permitting challenges in the United States have led to project delays or cancellations.

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