Oil taking on green sheen

Companies that drill black gold are going a little bit green-taking stakes in renewable energies that are growing rapidly, enabling oil firms to diversify revenue and show commitment to fighting climate change.
In the past, such swings have been written off by environmental campaigners as greenwash, and just as likely to be reversed once low oil prices go up again.
But analysts say that, even though only a tiny percent of oil majors' investment goes into renewables, the interest this time seems to be sustained, and underpinned by solid profit.
"It is not a purely economic trend" driven by low crude prices, said Francis Perrin, president of SPE, which publishes a number of energy-related publications.

"It's more profound- it's the adaption of certain oil industry majors to a certain number of energy and economic upheavals."
Perrin suggested oil companies were more cognisant of the threat posed by climate change and the potential that renewable energy will become big business.

Already present in the manufacturing of solar panels via its unit Sunpower, France's Total earlier this year invested in a US company that installs mini wind turbines for homes and businesses.
Italy's ENI plans to invest 1 billion euros (USD 1.1 billion) over the next three years in solar projects, while Shell, BP and Statoil are concentrating on wind power.

In the US, Chevron is switching its bets from geothermal to biofuels, although ExxonMobil remains lagging in the green energy field.