This Company Hopes Its Decision To Sell Off Oil And Gas Business To Focus On Renewable Energy Could Be A Win For The Planet

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According to the U.S. Environmental Protection Agency (EPA), the combustion of natural gas and petroleum products for heating and cooking emits carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O).

Emissions from natural gas consumption represent 79% of the direct fossil fuel CO2 emissions from the residential and commercial sectors in 2020.

As global energy consumption continues to soar, the use of fossil fuels to increase supply and meet demand is also growing. According to some, the need to increase renewable energy production to augment demand and save the planet is urgent.

Some analysts predict that the world will run out of fossil fuels this century. Oil is estimated to last up to 50 years, natural gas up to 53 years and coal up to 114 years. Unfortunately, renewable energy production seems to not be enough to slow down the demand for fossil fuels.

statistical review of world energy by British oil and gas giant BP Plc. BP noted that oil continues to hold the largest share of the energy mix at 31.2%.

Coal accounted for 27.2% of total primary energy consumption, a slight increase from 27.1% in the ‎previous year. The share of natural gas and renewables rose to record highs of 24.7% and 5.7%, respectively.

Renewables, the review added, has overtaken nuclear, which makes up only 4.3% of the energy mix, while hydro’s share increased to 6.9%.

Several countries and companies — like NextEra Energy Inc. NEEClearway Energy Inc. (NYSE: CWEN-A) and First Solar Inc. FSLR — are looking at ramping up and pushing a lot of investment to increase renewable energy sources to meet demand.

Switching Attention To Renewable Energy?

Orbital Energy Group Inc. OEG is another player that reports switching its attention to renewable energy.

The company is a diversified infrastructure services platform, providing engineering, design, construction and maintenance services to customers in the electric power, telecommunications and renewable industries.

Orbital says it is dedicated to maximizing shareholder value by striving to exceed customers’ expectations, building a diverse workforce and making a positive difference in employees’ lives and the communities in which it operates.

Looking to reduce its carbon footprint through the services it provides, the company and nZero Group Ltd. on May 11 announced they have entered into a share purchase agreement under which Orbital will sell its U.K. gas business, Orbital Gas Systems Ltd., to nZero Group.

nZero Group will assume operations of Orbital’s U.K. and European business, including sales and distribution of the GasPT Technology. Orbital will retain potential licensing and royalty rights to certain GasPT projects.

The agreement excludes Orbital’s proprietary VE Technology, which will be licensed to nZero Group for European and Asian distribution.

“This transaction is yet another step in Orbital Energy Group’s transformation to a diversified infrastructure services company as we move forward with an aggressive and disciplined strategy to tap into the increasing secular demand trends in the electric power, telecommunications and renewable industries,” Orbital Vice Chairman and CEO Jim O’Neil said.

Matt Allen, managing director of nZero Group, said, “This deal represents a significant step forward in our strategy to become a key contributor in the U.K. net-zero energy transition by bringing under common ownership two of the U.K.’s leading measurement and control partners across the natural gas, low-carbon hydrogen, petrochemical and waste to energy sectors.”

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