Shell aims to double power sales by 2030
Royal Dutch Shell PLC on Thursday laid out its green transition strategy, including targets to double electricity sales, expand its liquefied natural gas capacity and gradually reduce oil production.
The Anglo-Dutch energy major, which is committed to becoming a net zero emissions business by 2050, said that it will rebalance its portfolio in the near term by annually investing between $5 billion and $6 billion in its growth pillar, which comprises marketing, renewables and energy solutions.
The company said it wants to double electricity sales to 560 terawatt hours a year by 2030, and to grow its network of electric vehicle chargers to 500,000 by 2025.
Moreover, Shell said it will look to increase its LNG capacity, and also improve the chemicals business.
Conversely, the company said oil production will fall around 1% or 2% each year, including divestments and natural decline.
Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT
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