In a sign of increasing optimism about the future of clean energy, Dong Energy has announced plans to use the income from its fossil fuel business to fund investment in renewables.
Following the completion of a strategic review of its oilfield exploration and production (E&P) business last week, the Danish oil and gas giant confirmed it intended to focus investment in clean energy, with a portfolio based on offshore wind, bioenergy and green distribution.
"Going forward, the cash flows from E&P will be part of funding Dong Energy's investments in renewable energy," the company said in a release, adding that this strategy would reinforce the firm's position as a "global leader in renewables".
The firm, which is majority owned by the Danish government, launched the strategic review in September last year. The company produced an average of 115,000 barrels of oil and gas a day in 2014, with the majority coming from Norwegian fields.
Last month the firm announced plans to spend £6bn over the next four years to develop further offshore wind farm sites in the UK, on top of the £6bn it has already spent. The company, which is the largest operator of offshore wind farms in Britain, divested of all of its onshore wind projects at the end of 2014.
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