It’s easy to get cynical about big oil going green, especially in the wake of greenwashing ads, the botched cleanup of the Exxon Valdeez disaster in Alaska, and a host of environmental sins that still exist around big oil.

Despite this background, it is starting to look like clean energy is the more profitable way to go, which is in turn encouraging big oil to clean up their act, in what Newsweek calls “the real deal” this time. Big oil now controls 7% of the ethanol business after recent acquisitions, and Chevron just launched the world’s largest carbon sequestration project in Australia.

While this doesn’t mean big oil is about to convert to wind and solar, it does mean that they are moving beyond the occasional sponsorship of a green conference to real moves that are actually making a difference. More about the greening of big oil at Newsweek.

Tags: big oil green, chevron carbon capture, environmental projects oil companies, greening of big oil, oil companies green efforts, wind and solar big oil

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