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Renewables spending set for new record in 2021, Rystad says

Green Energy

Photo by vivooo / Shutterstock.com

Capital expenditure for renewable energy projects is set for a new record in 2021, a Rystad Energy analysis shows, forecast to reach USD 243 billion, and narrowing the gap with oil and gas spending, which is projected to be relatively flat this year at USD 311 bln.

While oilfield service suppliers have taken considerable steps to make structural changes and diversify, 2020's financial results suggest more needs to be done.

Renewables capex, which equals purchases from supply firms, is set for another record year, picking up where last year left off, when spending hit USD 224 bln. Most of the renewable energy spending will go towards onshore wind projects, rising to USD 100 bln from USD 94 bln in 2020.

According to Rystad Energy, Solar PV spending is expected to climb to USD 96 bln this year from USD 88 bln last year, while offshore wind will see capex grow to USD 46 bln from USD 43 bln.

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