Reply To: Climate Crisis: Our Last Chance
Capitalism to the rescue
Shell has declared an ambition to double the amount it spends on green energy to $4bn (£3.2bn) a year. If initial investments generated a good enough return, he would be able to successfully argue for an increase from 2020 onwards.
“I would like my current business to be financially credible enough for not only the company, but shareholders, to want to double it and look at more,” Maarten Wetselaar, the head of the gas and new energy unit said in an interview with the Guardian. Solar will be the world’s biggest future source of low carbon power, he said, because of the number of regions it was viable in.
Shell is considered an industry leader on the switch, having invested in solar firms and electric car infrastucture companies.
Norway’s state oil company has rebranded as Equinor to reflect its move towards becoming a “broad energy company”, France’s Total has gone big on batteries, and BP has returned to solar six years after exiting the sector.