Shell moving towards Green?
Last May, Shell launched a new division for renewable energy, Martin Wetselaar, now responsible for integrated gas (including LNG), will lead the division ‘New Energy‘. Is Shell moving towards renewables?
The new division will be transferred to the existing activities in hydrogen, biofuels and renewable power generation. It will also be used as a basis for new activities in wind energy.
Shell New Energy
From the Guardian
‘(…) With $1.7bn of capital investment currently attached to it and annual capital expenditure of $200m, New Energies will be run alongside the Integrated Gas division under executive board member.
Insiders said the group chief executive, Ben van Beurden, wants to ensure Shell is at the forefront of oil company innovation. (…)’
The official announcement is expected early June, during the presentation of the strategy.
Mark van Baal, activist of the shareholders association ‘Follow This’:
This is a first step. We think it is prudent to establish a renewable energy division, because Shell is still earning money with fossil fuels. This money can be used to finance the New Energy division,
But are the big oil moving towards renewables?
Yes, they are do green investments, but they do not deleted one of their new oil or gas project. By continuing to invest in new oil and gas fields, oil companies deny scientific facts and ignore international climate agreements. he said in an article in a Dutch news paper.”
- In may, four of the five largest private oil companies resisted to get green. Despite the motions of large investors like pension funds or the Church of England who called to take serious account of climate change.
- Last year, Shell responded to such a motion and promised to report what the 2-degree target for its operations.
- Two weeks ago, the fossil giant published the report: fifty pages gorgeous prose with just pretty pictures, but no communication about what investments are deleted from oil and gas fields.
- Even Total – according to some as Europe’s future “green giant” – invests in the development of new gas fields in pristine, Russian Arctic.
This is what the oil and gas companies tell the world:
“The world relies on fossils. Also the next decades. Whether we like it or not.
Think of the world’s poorest people and the emerging middle classes, who can’t afford the expensive green energy! And investments in gas are good because it is a clean transition fuel.
- Shell continues to buy British Gas, despite doubts
- Shell stopped drilling in the Arctic, this is why
- Positive business case for producing hydrogen on OilPlatforms in the North Sea
- ExxonMobil gave millions to climate-denying lawmakers
- Are fossils lucrative for investors?
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