New Energy
Shell Demands Profit From Green Energy, Not Just CO2 Cuts
- Shell’s renewables business is under pressure to make money
- Company should ‘scale back or stop’ less successful ventures
The Egmond aan Zee wind farm off the Dutch coast.
Photographer: Stuart Conway/BP
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Shell Plc executives are telling their renewable power business that it needs to become more profitable, not just deliver lower carbon emissions, and pull back from the less successful elements of its clean-energy strategy.
That was the message from Steve Hill, executive vice president of Shell Energy, at an internal town hall for his team on Wednesday, according to comments from the meeting reviewed by Bloomberg. It’s part of a revamped strategy from new Chief Executive Officer Wael Sawan that will be fully revealed in June, as he seeks to improve Shell’s performance and eliminate businesses that aren’t producing adequate returns.