Shell aims to reduce the carbon intensity of its product portfolio
Shell calls for policy stability
CEO Ben van Beurden says transition investments are easier to make in a stable policy environment
A stable policy environment will help Shell invest in the UK’s low-carbon transition, says the firm’s CEO Ben van Beurden. Shell made a profit of $9.1bn in the first quarter of 2022, up from $3.2bn last year. The firm does not separate out the share of its profits made in the UK, but says it pays tax on those profits. Asked whether a windfall tax would affect its ten-year plan to invest £20-25bn ($26-33bn)—more than 75pc of which is intended for low-carbon products and services—in the UK energy system, van Beurden called for policy stability. “If there was a windfall tax on the North Sea would that affect our plans for electric vehicle charging investments? I suppose not,” says van Beurden.
Also in this section
19 December 2024
The utility-scale battery energy storage system market is evolving rapidly, with diverse offtake models emerging to offer bespoke, flexible contracting solutions
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
