Shell to spend up to $1 billion per year on renewables says chief

Shell to spend up to $1 billion per year on renewables says chief

Shell’s (LSE:RDSB) chief executive Ben van Beurden has revealed that the oil giant will spend up to US$1 billion per year on its New Energies division, in preparation of the global renewables and electric vehicle transition.

Van Beurden told a gathering of ministers and CEO’s at the World Petroleum Congress that the potential figure would be spent on clean energy projects in the years up to 2020.

“In some parts of the world we are beginning to see battery electric cars starting to gain consumer acceptance. All of this is good news for the world,” said the chief executive.

He also highlighted the potential for countries from some of the fastest-growing global regions to leapfrog more established nations in the renewable energy sphere.

“When you consider the areas of the world where energy demand is still to expand, like Asia and sub-Saharan Africa, there is a huge opportunity.

“What happens in England is important, but what happens in Ethiopia is at least as important. From Denmark to the DRC, from the US to Uganda, to India, to China, there is a lot of work to do.”

@RGNonline