Shell pulls out of wind and solar
Greenpeace comments on their new policy
Shell has just announced that it doesn’t plan to make any more large investments in wind and solar energy.
Commenting on the new policy, Greenpeace UK executive director John Sauven said:
“With this announcement Shell rejoins the ranks of the dirtiest, most regressive corporations in the world. After years of running adverts proclaiming their commitment to clean power, they’re now pulling out of the technologies we need to see scaled up if we’re to slash emissions to the levels scientists tell us are safe.”
“Of course governments must take their share of the blame. Leaders who proclaim to be serious about fighting climate change have done little or nothing to force the global oil companies to make the shift to renewables. If the true cost of fossil fuels was factored into their price, there would be a stampede towards wind and solar. As it is, because of weak leadership in boardrooms and in the corridors of power, there is a real danger that the stampede could be in the opposite direction.”
Linda Cook, head of Shell’s gas and power unit told reporters at a press conference today, “We do not expect material amounts of investment in those areas going forward. They continue to struggle to compete with the other investment opportunities we have in our portfolio.”
Shell’s strategy is based on maximising profits on a quarterly, or at best a yearly basis. Approximately 30% of the company’s oil reserves are in the Canadian tar sands - the dirtiest, most polluting form of fossil fuel currently being extracted in the world.