Renewable energy projects are expected to see a record investment at US$243 billion this year, further closing the gap with expenditure on upstream oil and gas projects, where capex is expected flat at around US$311 billion, Rystad Energy said in a recent analysis . Spending on renewable projects in 2021 is set to rise from last year’s estimated spend of US$224 billion, while upstream oil and gas spending will remain basically unchanged from 2020 as companies continue to keep a tight rein on capital expenditures, the energy research firm said. Capex on renewable energy projects globally is now estimated at just below 22 percent of the spending on upstream oil and gas projects, according to Rystad Energy’s estimates. This year’s renewables spend will go mostly to onshore wind, which will see capex rising to US$100 billion from US$94 billion last year, and solar PV, where spending will grow to […]