It's 2016, And Shell Just Announced A New Greenwash, Er, Green Energy Division
Shell, Europe’s 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.
Shell’s 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.
EDIT
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 division’s annual spending level is less than 1% of the total $30bn Shell pumps into oil and gas.
Shorter version: Whoop Dee Fucking Doo.
EDIT
https://www.theguardian.com/business/2016/may/15/shell-creates-green-energy-division-to-invest-in-wind-power
