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Shell boss defends plan to develop Cambo find off Shetland

Shell CEO Ben van Beurden

I think it is really disappointing that long term investors run away from a company…

 

The Herald

Shell boss defends plan to develop Cambo find off Shetland

By Mark Williamson Group Business Correspondent: 29 Oct 2021

ROYAL Dutch Shell boss Ben van Beurden has defended plans for the controversial Cambo oil field development off Shetland as he declared the UK North Sea is a global leader in terms of the energy transition.

Shell has faced huge criticism from campaigners after it emerged that the company planned to develop the massive Cambo field with Siccar Point Energy.

Groups such as Greenpeace have urged the Government to block the development, the output from which they claim could lead to massive amounts of emissions in coming decades.

van Beurden told reporters: “If the Government of the UK wants to supply at least part of its energy needs with domestic resources then it should develop projects like Cambo.”

Days after a significant Dutch pension fund, ABP, said it planned to sell its holdings in fossil fuel producers including Shell, citing the need to accelerate the energy transition, Mr van Beurden observed: “Symbolic action is gaining, which is not necessarily the right thing to do.”

“So I think it is really disappointing that long term investors run away from a company that is actually leading in this field.”

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