It's 2016, And Shell Just Announced A New Greenwash, Er, Green Energy Division
Shell, Europes largest oil company, has established a separate division, New Energies, to invest in renewable and low-carbon power. The move emerged days after experts at Chatham House warned international oil companies they must transform their business or face a short, brutal end within 10 years.
Shells new division brings together its existing hydrogen, biofuels and electrical activities but will also be used as a base for a new drive into wind power, according to an internal announcement to company staff.
With $1.7bn of capital investment currently attached to it and annual capital expenditure of $200m, New Energies will be run alongside the Integrated Gas division under executive board member Maarten Wetselaar.
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Shell has made no formal announcement so far about New Energies but the new business is expected to be revealed at a public strategy briefing in London on 7 June. Company insiders claimed Shell wants to play down the importance of New Energies for fear it will be written off as a greenwash exercise by environmentalists, but said the company believes the new business could become very big although not for a decade or more.
It is unlikely Greenpeace and others will be impressed by New Energies, given that the divisions annual spending level is less than 1% of the total $30bn Shell pumps into oil and gas.
Shorter version: Whoop Dee Fucking Doo.
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https://www.theguardian.com/business/2016/may/15/shell-creates-green-energy-division-to-invest-in-wind-power