Shell Says Will Spend $1B Annually on Clean Energy by 2020
2017-07-12    [Source:Shell]

Royal Dutch Shell Plc plans to spend as much as $1 billion a year on its New Energies division, as the transition toward renewable power accelerates, Bloomberg reported.

“In some parts of the world we are beginning to see battery electric cars starting to gain consumer acceptance” while wind and solar costs are falling fast, Shell CEO Ben Van Beurden said in a speech at the World Petroleum Congress in Istanbul, Monday.

Shell sees opportunities in hydrogen fuel-cells, liquefied natural gas, and next-generation biofuels for air travel, shipping and heavy freight, areas of transport for which batteries aren’t adequate, Kallanish Energy understands.

The intermittent nature of wind and solar energy means power plants fired by natural gas will have a long-term role, Van Beurden said.

While Russian Energy Minister Alexander Novak and Saudi Arabian Oil Co. head Amin Nasser said at the Congress oil and gas will be dominant for decades to come, Van Beurden highlighted the potential for some of the fastest-growing nations to leapfrog straight to a cleaner energy mix, Bloomberg reported.

“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,” Van Beurden said. “These are areas that are not, on the whole, locked in to a coal-driven system. There is the potential for them to shift more directly onto a less energy-intensive pathway to development.”

There is often too much focus on energy-transition policies in Europe and North America instead of the fast-growing developing world, Van Beurden said.

“What happens in England is important, but what happens in Ethiopia is at least as important,” he said. “From Denmark to the (Democratic Republic of the Congo), from the U.S. to Uganda, to India, to China, there is a lot of work to do.”

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