Saving The West recently reported about Shell, one of the world’s largest oil companies, announcing that they would be linking carbon emissions to executive pay. Such news may be surprising to hear, especially since the oil and gas industry is responsible for so much carbon emissions. However, it would appear that Shell is doubling down on some of their promises, as they’ve now announced intentions to double their green energy investment. The Guardian shares more:
Shell has declared an ambition to double the amount it spends on green energy to $4bn (£3.2bn) a year, in a sign of how the Anglo-Dutch company is looking to speed up its move to a future beyond oil and gas. Maarten Wetselaar, the head of the gas and new energy unit which generates a third of the company’s revenues, said he wanted to raise Shell’s investment in low carbon energy.
The company has already committed to spend $1bn-$2bn annually in the next two years, with the rest of its total $25bn budget invested in hydrocarbons. Wetselaar said if his initial investments generated a good enough return, he would be able to successfully argue for an increase from 2020 onwards.
“I would like my current business to be financially credible enough for not only the company, but shareholders, to want to double it and look at more,” he said in an interview with the Guardian.
You can read the full story on The Guardian.
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