Shell MD says oil giant spends $2bn yearly on renewables but won’t set carbon targets

Oil giant Shell says it invests up to $2 billion every year on renewables and clean fuel technology, from its total annual budget of between $25 billion to $30 billion, amount it said is over what known world’s top oil and gas companies spend on low-carbon energies.

However the company’s boss said it would be “foolhardy” for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges. The energy industry has struggled in recent years to find a clear path to secure its role as the world shifts from fossil fuels in order to meet the 2015 Paris climate agreement goals.

Shell last year set out ambitions to halve its carbon emissions by 2050, far exceeding rivals, but the Dutch CEO resisted calls by activists and some investors to set binding targets. Ben van Beurden, a vocal proponent of the world’s need to meet the Paris goals, urged investors to trust him.

Source: Oriental News

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