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Shell to invest up to 25 billion pounds in UK's energy sector

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By Reuters
Shell to invest up to 25 billion pounds in UK's energy sector
Shell to invest up to 25 billion pounds in UK's energy sector   -   Copyright  Thomson Reuters 2022

– Shell will invest up to 25 billion pounds ($33 billion)into the energy system in Britain over the next decade, a senior executive at the oil major said, and over 75% of which will be funnelled into zero-carbon products and services.

Shell plans to invest between 20 billion pounds and 25 billion pounds, David Bunch, head of the company’s UK operations, said on Wednesday in a post https://www.linkedin.com/feed/update/urn:li:activity:6912410948301402112 on networking site LinkedIn, and mentioned offshore wind, hydrogen and electric mobility as focus areas.

The investment plans come weeks after the British energy company said it would withdraw completely from any involvement in Russian hydrocarbons and exit all its Russian operations after Moscow’s invasion of Ukraine.

Last February, the company pledged to eliminate net carbon emissions by 2050, which included curbing emission through rapid growth of its low-carbon businesses like biofuels and hydrogen.

($1 = 0.7580 pounds)