Published by Industry Global News24: 06 Jan 2020
The Anglo-Dutch company had promised its investors in 2017 that, it will spend $1 bn to $2 bn per year. The fund will be invested in developing a clean energy project till the end of 2020. The company is falling short of the planned $4 billion-$6 billion to be invested between 2016 to end of 2020. This slow progress is likely to raise concerns from environmental groups that oil companies are not contributing to environmental conservation.
Since setting up the “new energies” division, the country has spent approximately $2 billion in setting up a low-carbon energy and electricity production facility. With only a year left to go, the company is far behind the set investment target of $4 bn-$6 bn.
The company has allocated only a tenth of its expenditures to the clean energy initiative and yet is one of the most ambitious targets in the oil industry. The company had previously planned to spend $1 billion for the entire period between 2016-2020. The plan was changed to $1 bn – $2 bn per year. The company is presently set to meet only a third of the targeted investment.
Making matters worse for the company’s clean energy reputation, Shell has spent upwards of $120 billion for development of fossil fuel projects. This was done in the same period between 2016-2020. The company has planned to increase its spending on fossil fuel projects by $30bn per year.
The company is regarded to be a pioneer in climate sustainable development in the oil industry. It spends only a fraction of its budget on clean energies, such as hydrogen, bio fuels and electricity investments.
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