The study details forces driving the transition towards alternative energy sources. The survey features the thoughts of 100 CFOs at oil and gas and power generation companies, revealing that energy executives are focused on striking a balance between navigating short-term uncertainty and volatile markets, but also planning for a green future.
BDO has been conducting an energy CFO report for years, and the 2020 report is the biggest one yet.
[The fact that more and more companies are moving into renewable space is not surprising," Sackschewsky said. [The cost to implement has gone down."
The survey found that 38 percent of both oil and gas and power generation CFOs say solar power will be the most dominant form of alternative energy in the U.S. by 2023.
While switching to solar may seem outside of the range of oil and gas companies, solar is also much easier to come across. Sackschewsky said oils were never easy to get to, so to have a renewable source that`s readily available without needing to run new lines is extremely valuable.
