Shell wants to transform itself from an oil company to an energy company.
Shell wants to transform itself from an oil company to an energy company.
It announced that it intends to reduce its carbon footprint (expressed in grams of CO2 equivalent per Megajoule consumed) by around 20% by 2035 and by 50% by 2050 to help meet the goals of the Paris Climate Change Agreement. To this end it would increase its spending on clean energy to up to $2 billion a year (Translation: it may one year reach that amount). The aim is to provide lower-carbon fuels like biofuels and hydrogen, in addition to generating renewable power from solar and wind; driving demand for battery electric vehicles by growing the number of charging points and developing gas markets for power and transport. All this in addition to supporting carbon capture and storage.