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
24 January 2025
Progress on the energy transition has slowed or even stopped, with greater societal engagement we can revitalise it
23 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
14 January 2025
Bioenergy will be a key part of the energy transition as the world decarbonises, and Brazil is set to be a major player in the sector
