2023-05-18 13:54:13
The parts of Shell that focus on renewable energy should generate more money, according to directors of the oil and gas group. They want to dispose of the less successful parts.
Shell executive Steve Hill said at a meeting with employees that the green power work was initially an exercise. That should result in lower CO2 emissions, but the driver now also wants to see results. “The parts that we’re less successful with, we need to scale back or stop,” said Hill.
Last year, investments in Shell’s renewable energy business reached a record $3.5 billion. That was 47 percent more than a year earlier. According to the company, this will remain at the same level this year.
At the beginning of this week, Shell was reprimanded by Milieudefensie. The environmental organization pointed out to the oil company that the vast majority of investments still go to fossil fuels. The company is looking for new oil and gas fields, and spends more on them than on green initiatives such as solar and wind farms.
According to the environmental organization, this is contrary to the ruling in the climate case that Milieudefensie won in 2021. The judge then obliged Shell to reduce its global fossil fuel emissions by 45 percent by 2030 compared to 2019.
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