Oil majors are expected to invest $17.5bn in wind and solar projects over the next five years — with more than half being spent by a single company, according to analyst Rystad Energy.

Norway’s Equinor is set to divert $10bn into renewables projects by 2025, including $6.5bn over the next three years on its offshore wind portfolio, and is the only oil company investing more than half of its greenfield capital expenditure (capex) on renewable energy.