Cleantech is expected to remain a dominant investment theme among oil majors as sustainability and ESG become more prominent features of company strategies.

Roughly a decade ago, oil and gas majors began launching corporate venture funds dedicated to nudging innovation in clean energy.

While the original goal was to outsource R&D efforts, achieve operational efficiencies and improve profitability, these venture funds have helped oil majors navigate the challenges of a broader energy transition and achieve ESG goals, Samuel Dibble, partner at Baker Botts, told Hart Energy.