Opinion: What changing energy strategy means for Kenya – George Wachira

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Business Daily | by George Wachira

It is no longer a surprise to hear major oil companies announce significant investments in renewable energy projects, guided mainly by need to align their future business models with the ongoing global transition from fossil fuels (coal, oil, gas ) to renewable energy (mainly wind and solar). Renewables is a fast-growing investment sector with full support from multilateral and commercial banks and equity capital.

It is also common news these days for oil majors to announce major budgetary cuts on new oil and gas projects. Also ongoing are balance sheet write-offs of marginal oil and gas reserves, which are deemed as already overtaken by the ongoing fossil to renewable energy transition. These are the hard boardroom decisions being taken by oil majors these days…

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