Tech & Biz

Shell drops new investments in solar, wind and hydrogen energy

by Lazylizards | March 20, 2009 at 03:32 am

195 views | 62 Recommendations | 4 comments

The world's second largest non state-controlled oil company has announced that its priority was to focus on investments that would bring the best return to its shareholders, and that wind and solar power projects simply did not make the grade.

Shell trumpets its green credentials, but the $1.7bn it spent on renewable energy and carbon mitigation projects in the past five years represents a mere 1% of its $150bn investment budget.

Linda Cook, who heads Shell's gas and power business, said that wind and solar power "struggle to compete with the other investment opportunities we have in our portfolio".

Shell ... holds stakes in 11 wind power projects, mostly in the United States, with the capacity to generate 1100 MW of electricity. It also operates research programmes into thin-film solar and hydrogen technology.

Shell also said that it will maintain its spending on carbon capture and storage projects in Germany, Netherlands, Norway, Canada, Australia and America - most of which also receive state support.

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Art_By_Alida

at 06:30 on March 20th, 2009

This is the problem.

Everything is based on profits for the vultures of Wall Street and do not put what is more important for the people of the planet first.

I feel like boycotting Shell gasoline now.

Amy Judd

at 07:56 on March 20th, 2009

Yeah they are not a green company at all - I never buy their gas as they could do more for the environment and they don't.

sara star

at 10:16 on March 20th, 2009

I still think if there is a will, there is a way. Once people reduce consumption of their oil, they will change their tune. I never buy Shell.

altrugon

at 10:20 on March 20th, 2009

A while back I heard of how we can boycott these companies through a email-chain. The plan was not to buy gas in 2 of the most important gas stations, Shell in North America, and BP in Europe.

If we all stop buying gas in these companies then they will have to drop the prices to survive, and people will go back to them while because the gas is more expensive in the other gas station. At that point those others gas station will see they profits drops and will have to lower the price too.

I guess this technique could be also apply to force them invest in greener alternative.