March 18, 2009
Shell Scales Back Renewable Energy Investments
Royal Dutch Shell has angered “green” groups by announcing plans to scale back its renewable energy business to focus on oil, gas and biofuels, reports the U.K. Times.
Shell’s CEO said the company was planning to drop all new investment in wind, solar and hydrogen energy, and instead would focus its renewable energy investments on biofuels, according to the U.K. Times. Shell also said that it will maintain its spending on carbon capture and storage projects in Germany, Netherlands, Norway, Canada, Australia and America.
This announcement doesn’t help the company’s recent environmental troubles. Shell came in last for carbon emissions ratings among major oil producers in a study released in March 2009. In February 2009, the oil producer was accused of exaggerating environmental policies.
Still, Shell has invested $1.7 billion in alternative energy over the past five years, compared with a total capital expenditure of $32 billion this year, and holds stakes in 11 wind power projects, mostly in the United States, with the capacity to generate 1,100 megawatts of electricity, reports the U.K. Times.
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