Offshore wind once looked like a natural play for oil majors: big offshore projects, complex engineering, and familiar operating conditions. But as costs and interest rates have risen, the sector’s economics have started to clash with the companies’ return expectations. This has revealed a business model where capital is invested upfront, payback is slow, and the competitive advantage often lies in power market and contracting expertise, rather than just offshore execution.

In this episode, host Eklavya Gupte is joined by Alex Blackburne, senior reporter at S&P Global Energy, to unpack the shifting strategies of European oil majors in offshore wind.

We also hear from Julio Dal Poz, managing director in the energy transition practice at FTI Consulting, who explains why offshore wind has proven to be a challenging fit for companies accustomed to quicker returns and greater upside potential.

As AI-driven electricity demand surges and companies race to decarbonize, environmental commodity markets are growing swiftly.

Host Eklavya Gupte interviews John Melby, CEO of Xpansiv, who provides insight into what it takes to create the digital trading infrastructure for markets ranging from carbon credits to renewable energy certificates and power purchase agreements.

We also hear from Marie-louise du Bois, director for energy transition price reporting at Platts, part of S&P Global Energy, who discusses the challenges of pricing these evolving markets — from the simultaneous fragmentation and convergence of carbon markets to the rise of biomethane and even nuclear certificates.

The discussion also covers how large corporates are managing their carbon footprints as they build AI infrastructure and why carbon-differentiated commodities could reshape global trade.