Shell’s executives have told the renewable energy sector that it needs to make more profits, rather than just cutting emissions. To do so, Shell would have to withdraw from the less successful elements of its clean energy strategy. This writes Bloomberg.
According to Bloomberg, it was Shell Energy vice president Steve Hill who wanted to see higher profits. He would have said it during an internal meeting, which Bloomberg became aware of. It’s part of a revamped strategy from CEO Wael Sawan, which will only be released in June. In this new strategy, Shell should prioritize improving performance and divesting companies that are not generating adequate revenues.
Even the branch of renewable energies therefore seems to be in the rocking chair. While efforts to produce green electricity have proved to be valuable lessons, Shell believes that results should now come as well. “Providing green energy will become the company’s mandate for the future,” said Hill. “We will have to scale back or even stop projects where we are less successful.” Shell was unavailable for comment, according to Bloomberg.
Source: BNR
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