Posted by John Donovan: 5 Dec 2024
In a breathtaking display of corporate greed dressed up as “strategic review,” Shell—the world’s favourite villain in the game of Destroy the Planet for Profit—has decided it’s no longer interested in leading the transition to clean energy. Why? Because it turns out offshore wind doesn’t print money fast enough for CEO Wael Sawan, whose vision for the future seems to be a fossil-fueled inferno of record profits.
Let’s break this down. Shell, once pretending to dabble in saving the planet with its renewable energy division, is now gutting it for parts. Shell Energy—the division responsible for renewables, power generation, and supply—is being hacked into two Frankenstein-like units: power generation and trading. Because, hey, why bother with innovation when you can shuffle papers and call it a strategy?