Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead

Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead | Care2 Causes

care2.com 31 Dec '16, 3pm

Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead

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...

Full article: http://www.care2.com/causes/oil-giant-quits-tar-sands-emb...

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@caracowanwatts » 05 Jan '17, 3pm
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Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead [link] This is wonderful.
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@mbrom999 » 31 Dec '16, 10pm
RT @redhed67: Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead [link]
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Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead [link]
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Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead [link]
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Oil Giant Quits Tar Sands, Embraces Offshore Wind Instead [link]