One of the biggest stories of the past year has been the enormous investment by the world’s largest oil companies in clean energy sources such as natural gas, wind, and solar energy. No longer do the majors view alternative energy sources as fringe opportunities. Instead, they are spending billions to develop future energy prospects that achieve a wide range of goals, including developing cleaner sources of domestic energy as well as increasing efficiency.
Exxon Mobil acquired the nation’s second largest independent producer of natural gas, XTO Energy, in a deal valued at $41 billion. This deal came on the heels of a $600 million investment by Exxon in algae-based biofuels. “Our energy and environmental challenges are intertwined and their scale is enormous,” Exxon Mobil spokeswoman Cynthia Bergman said in an e-mail to The New York Times.
BP has pledged a decade-long investment in renewable power, and Chevron has developed a business unit called Chevron Energy Solutions whose goal is to help colleges, government agencies, and businesses increase efficiency and reduce energy use.
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