As the Biden administration in the U.S. and governments throughout the world decarbonization push has spurred a renewable boom, which has created both obstacles and opportunities for the oil and gas space.

With a large amount of capital flowing into the renewables space, the energy industry has responded in a number of different ways, according to Cliff Vrielink, partner in Sidley Austin’s energy practice group.

“Of course, some of the larger supermajors have developed other strategies and are also investing in the renewables space but for the most part I think the industry has been focused on trying to reduce their carbon footprint,” Vrielink told Hart Energy’s Emily Patsy.