Shell doubles spending on clean energy, and commits to halving carbon footprint

By Sophie Chapman
The British-Dutch oil and gas company, Royal Dutch Shell plc, has announced plans to double its spending on clean power starting next year, a...

The British-Dutch oil and gas company, Royal Dutch Shell plc, has announced plans to double its spending on clean power starting next year, as well as vowing to helve its carbon footprint.

Shell will be increasing its capital expenditure for the new energies division, spending within US$1bn-$2bn a year between 2018-2020.

Prior the new plan, Shell had stated they would be spending up to $1bn a year by 2020.

The company has also set a target that aims to cut its net carbon footprint by one-fifth by 2035, and by a half in the next following 15 years.

SEE ALSO:

“It is making sure that the products within society have an overall lower carbon footprint. That is the longterm way of making sure our business remains a relevant business in the face of the energy transition,” reported Chief Executive of Shel, Ben van Beurden.

The company was faced with a carbon target proposal by shareholder activists at an annual general meeting earlier this year, which was similar to their new goals, but was opposed and defeated.

Shell stated that its goals addressed the spirit of the proposed targets without having any “negative side-effects”.

Ben van Beurden commented: “We could see a kernel of truth and relevance in there.”

Follow this, the activist group who proposed the targets responded to Shell’s changes, saying “We applaud Shell’s ambitious decision to take leadership in achieving the goals of the Paris climate agreement to limit global warming to well below 2C.”

Share

Featured Articles

UK Government awards £54mn in heat network funding

Funding will support the development of schemes in London, Bedfordshire and Woking that use low-carbon heat sources

Shell posts $11.5bn second quarter profit

Shell's earnings fuelled by ongoing price rises and geopolitical instability as the energy major places greater focus on natural gas investments

bp opens first electric truck fast-charging facilities

Operated by bp’s Aral brand, the retail site at Schwegenheim in Rheinland-Pfalz has two 300kw chargers intended for electric trucks

Shell commits to developing Jackdaw gas field in North Sea

Oil & Gas

Prospex Energy raises £1.87m for Selva gas field development

Oil & Gas

Shanghai Electric Group launches low carbon business

Utilities