Shell Kisses Renewables Goodbye
March 25th, 2009
Shell has announced plans to scale back its renewable energy business and focus purely on oil, gas and bio-fuels. The company says it is planning to drop all new investment in wind, solar and hydrogen energy. Instead Shell will focus its remaining renewable energy investments on bio-fuels, where it is conducting research into “second generation” fuels.
The announcement triggered a furious response from green groups. Greenpeace UK says Shell has “rejoined the ranks of the dirtiest, most regressive corporations in the world … After years of proclaiming their commitment to clean power, they’re now pulling out of the technologies we need to see scaled up if we’re to slash emissions.” Shell has invested $US1.7bn on alternative energy in the past five years, compared with total capital expenditure of $US32bn this year. It holds stakes in 11 wind power projects, mostly in the US, with the capacity to generate 1,100MW of electricity. It also operates research programmes into thin-film solar and hydrogen technology. Shell will maintain its spending on carbon capture and storage projects in Germany, Netherlands, Norway, Canada, Aust and America - most of which also receive state support.
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