According to an analysis by Rystad Energy, investments in solar and wind energy projects by the world’s oil majors over the next five years are expected to reach $17.5 billion. About $10 billion, or 57 per cent of the amount, is expected to be invested by a single company, Norway-based Equinor. It is the only investor whose majority of greenfield capex will be towards renewable energy. Equinor, the state-owned energy giant, will spend $6.5 billion in the next three years to build its capital-intensive offshore wind portfolio. The forecast, however, will be affected by the fluctuating oil price or capex cuts. Since the company’s renewable portfolio is already committed, such as the massive Dogger Bank offshore wind project in the UK, it will be difficult to back out.