Shell unveils green strategy after oil output peak
Energy giant Royal Dutch Shell declared Thursday that its oil output is locked in decline after peaking in 2019 as it outlined green plans to switch away from fossil fuels.
Shell said in a statement that it will invest up to $6.0 billion (4.9 billion euros) per year in green energy projects developing and promoting biofuels, electric car charging and renewables.
More than half the amount could end up being spent on marketing, Shell said.
In addition, Shell plans to still invest $8 billion annually on new oil and gas exploration.