- The energy company said it had already invested $5.6 billion on low-carbon solutions, more than 23% of its total capital spending in 2023.
- Shell’s investments include electric vehicle charging, biofuels, renewable power, hydrogen and carbon capture and storage.
Shell plc has revealed plans to invest about $10 to 15 billion between 2023 and the end of 2025 in low-carbon energy solutions. This is in line with its drive to achieve net zero emissions. Shell made this known in its recently published first energy transition update since the launch of its Powering Progress strategy in 2021.
The energy company said it had already invested $5.6 billion on low-carbon solutions, more than 23 per cent of its total capital spending in 2023.
The report read in part, “These investments include electric vehicle charging, biofuels, renewable power, hydrogen and carbon capture and storage. Our investments in new technologies are helping to reduce emissions for Shell and our customers.
“We aim to help scale new technologies to make them an affordable choice for our customers and are focusing our advocacy on key areas which we believe are critical to the energy transition. These include policies that support national net-zero ambitions including carbon pricing, supplying the secure energy the world needs, driving changes in demand and growing low-carbon solutions.”
Shell also noted that its energy transition plans cover all its businesses. This includes Liquefied Natural Gas (LNG), which is a critical fuel in the energy transition, growing the world-leading LNG business with lower carbon intensity.
Furthermore, the firm disclosed that it is cutting emissions from oil and gas production while keeping oil production stable. This is as it is growing sales of low-carbon energy solutions while gradually reducing sales of oil products such as petrol, diesel and jet fuel.