Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead

Written by Sami Grover

The trouble with divesting from fossil fuels, say critics, is that other, less scrupulous investors will just jump in and snap up your investment to make a profit. And that’s why, alongside divesting from ‘the bad stuff’, we also need to encourage increased investment in ‘the good stuff’—like offshore wind, for example.

So this story—reported by Cleantechnica—is about perfectly designed to make my little TreeHugging heart sing: Norwegian oil and energy giant Statoil has spent the end of 2016 selling off its assets in Canadian tar sands, and securing rights to develop a gigantic offshore wind farm off the coast of New York State. According to The Motley Fool, the company bid $42.47 million for the lease in 79,350 acres of water, and expects to eventually build turbines with a capacity of 1GW there. (The initial construction plans will most likely be closer to the 400-600MW range.

Still, given that the US only just got its first offshore wind farm, this is an encouraging sign that energy giants see a future for offshore wind in the United States, no matter which way the current electoral winds are blowing (sorry!).

True, critics will note that Statoil is still involved in an awful lot of dirty energy production and exploration. Still, this is exactly the type of divest-invest move from a major energy player which could bring about a major shift in the economics of energy markets. And once that shift happens, there will be little that can be done to stop it.

This post originally appeared on TreeHugger.

Photo Credit: sbamueller/Flickr


Marie W
Marie W2 years ago

Thanks for sharing

Leong S
Leong S2 years ago


George L
George L2 years ago

Thanks for the information

Chun Lai T
Chun Lai T2 years ago


Joe L
Joe Legris2 years ago

Some good news, thanks

natasha s
Past Member 2 years ago

Best news in awhile!

Shirley S
Shirley S2 years ago

Far better than tar sands.

Son Y.
Son Y.2 years ago

Here's hoping we can all clean up our acts!

Grace Adams
Grace Adams2 years ago

Thank you Statoil of Norway for moving at least some from petroleum towards wind.

Judith Emerson
Judith Emerson2 years ago

At last, Good News!!!!! :D