Shell to spend up to $1bn a year in clean energy
14 July, 2017
Royal Dutch Shell will be spending up to $1bn a year by 2020 on projects within its new energies division, Chief Executive Ben van Beurden told the World Petroleum Congress in Istanbul last Monday. Shell set up the division to focus on renewable energy and new technologies to help lower carbon emissions. In his speech, Ben van Beurden emphasises the importance of taking a global perspective on the challenge of tackling climate change.
“There have already been huge advances in efficiency, through digitalisation and in the field of renewables. With wind and solar, costs have come down fast and are predicted to fall further. All of this is good news for the world and must accelerate. All this change also offers many opportunities for energy companies,” Van Beurden said, cited by Bloomberg. He noted that Shell sees opportunities in hydrogen fuel-cells, liquefied natural gas and next-generation biofuels for air travel, shipping and heavy freight, areas of transport for which batteries aren’t adequate. “The intermittent nature of wind and solar energy means power plants fired by natural gas will have a long-term role,” Shell head said.
He noted also that there are areas in the world, like Asia and sub-Saharan Africa, where energy demand is still to expand. “These are areas that are not, on the whole, locked in to a coal-driven system. There is the potential for them to shift more directly onto a less energy-intensive pathway to development.”