Solar power is outpacing Big Oil in a shift that China may benefit the most from

[JACK AYLMER]

FOR THE FIRST TIME EVER, BIG OIL IS getting beat BY SOLAR POWER.

ACCORDING TO BLOOMBERG, THE SEVEN LARGEST SOLAR COMPANIES CAN NOW PRODUCE MORE OF THE WORLD’S ENERGY THAN THE SEVEN BIGGEST OIL COMPANIES.

And it could mean CONTROL OF THE GLOBAL ENERGY SECTOR is SHIFTING FROM THE WEST TO THE EAST.

There’s a few points to break down – let’s start with actual power output. 

IN TERMS OF USEFUL POWER PROVIDED EACH YEAR, BIG OIL STILL MAINTAINS AN ADVANTAGE.

BUT, IF WE CONSIDER HOW MUCH POWER SOLAR AND OIL FIRMS COULD BE generating OVER TIME, CLEAN ENERGY STARTS TO MOVE IN FRONT.

THE SOLAR INFRASTRUCTURE CURRENTLY IN PLACE WILL ULTIMATELY PRODUCE MORE ELECTRICITY THAN THOSE ACTIVE OIL WELLS-

EVEN BEFORE ANY MAJOR REINVESTMENT IS REQUIRED.

BY THE TIME WO DO REACH THE POINT OF NEEDING PANELS TO BE REPLACED AND NEW OIL RESERVES TO BE LOCATED, SOLAR WILL BE FIRMLY IN THE LEAD.

IT’S A SIGN OF PROGRESS FOR THE GREEN ENERGY TRANSITION.

IN 2023, INVESTMENTS IN SOLAR POWER SET A RECORD BY OUTPACING THOSE MADE IN OIL.

NOW WE’RE SEEING THE EFFECTS OF THE NEARLY $400 BILLION SPENT IN THIS SECTOR LAST YEAR.

BUT, WHILE OUR PLANET’S ENVIRONMENT STANDS TO BENEFIT AS A RESULT OF THAT INCREASED RENEWABLE POWER-

ONE NATION IN PARTICULAR HAS THE MOST to GAIN.

THOSE SEVEN LEADING SOLAR PROVIDERS PROJECTED TO PRODUCE A LOT OF POWER IN THE COMING YEARS, ARE ALL CHINESE COMPANIES.

AIDED BY BEIJING’S 80 PERCENT CONTROL OF THE WORLD’S SUPPLY CHAIN FOR THIS TECH.

BY CONTRAST, ALL OF THOSE TOP SEVEN BIG OIL FIRMS ARE BASED IN WESTERN NATIONS.

IT’S PART OF WHY WE’VE SEEN A NUMBER OF RECENT MOVES FROM THE WEST ATTEMPTING TO LIMIT CHINA’S SOLAR DOMINANCE.

JUST LAST MONTH, THE U.S. GOVERNMENT INCREASED TARIFFS ON CHINESE SOLAR PANELS.

AND EARLIER THIS YEAR the MAJORITY OF EU MEMBER NATIONS ALSO COMMITTED TO BUYING THEIR SOLAR INFRASTRUCTURE FROM EUROPEAN MANUFACTURERS.

FOR MORE STORIES ABOUT HOW THE RENEWABLE ENERGY TRANSITION CAN BE INFLUENCED BY GEOPOLITICAL TENSIONS DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME – JACK AYLMER – TO GET THE LATEST.