Oil and gas markets are ensnared by oversupply and falling prices, not to mention a global pandemic. It illustrates the need to be more responsive to changes in the energy climate. And the good news is that the signs are pointing to more investment in renewables, specifically offshore wind power.

It’s a business decision that is also addressing climate change. A new report by Wood MacKenzie says that $211 billion will get invested in offshore wind over the next five years — something that is well-suited for oil and gas companies. That is because they have an implicit understanding of the waters where the infrastructure would be placed. And as the coronavirus is demonstrating, those companies are also seeking to diversify their portfolios.

“We expect the offshore wind market to grow more attractive for traditional oil and gas players,” writes Soren Lassen and Mhairdh Evans, with the global consulting firm. “There is limited crossover today, but first movers have gone with the wind and more will soon follow. As interest and investment in offshore wind grow, investment in offshore oil and gas is likely to stabilize, narrowing the gap between the two sectors.”

Consider Norway’s Equinor: It has a goal of reducing its carbon intensity by half by 2050. Part of the strategy is to expand its renewable energy ventures and specifically those in offshore wind: As much as 6,000 megawatts in 6 years and 16,000 megawatts in 15 years.

The U.S. Department of Energy estimates that offshore wind energy has a capacity of 2,000 gigawatts here. But just 30-megawatt off the shores of Rhode Island called Block Island Wind Farm is online. It revved up in 2016. New York State is now soliciting 800 megawatts of offshore wind projects — something that it hopes will lead to 2,400 megawatts of such power by 2030.