Shell Hits the Brakes on Growing Renewables Unit After Record 2022 Profit
- Company aims to focus investments to boost shareholder value
- Low-carbon energy spending has grown as Shell aims to cut CO2
Photographer: Dimas Ardian/Bloomberg
This article is for subscribers only.
Shell Plc plans to keep investment in its renewables and energy solutions business steady this year after it hit an all-time high in 2022, a signal that the company’s record profits won’t significantly accelerate its low-carbon ambitions.
Spending on the unit includes a variety of technologies from wind and solar farms, to carbon offsets, carbon capture and biofuels. Shell plans to expand in those areas to reach its goal of net-zero emissions by 2050, with a renewed focus on delivering value to Shell investors, said new Chief Executive Officer Wael Sawan.