Shell has announced that it plans to spend up to 3.2 billion a year on green energy to move away from a future of gas and oil.
The head of the gas and new energy unit, Maarten Wetselaar, which generates a third of the company's revenues, said he wanted to raise Shell's investment in low carbon energy. He expressed hopes that if initial investments give a good return, he can argue for an increase from 2020.
Maarten Wetselaar said in an interview with the Guardian:
"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".
Shell pledges to continue investing in alternative fuels to meet the rising demand for transport to enable a low-carbon energy future. The company is currently a leader in the development of biofuels which produce fewer CO2 emissions than petrol. The company also explores the electric car market, installing more fast-charging stations for electric cars, as well as working towards expanding fueling stations for hydrogen-fuelled electric vehicles.
Many major oil companies have begun to transition into low carbon energy after a stronger Government push on global warming, with Shell considered one of the industry leaders.
