Shell Plans to Spend $1 Billion a Year on Clean Energy by 2020

in news •  last year

Royal Dutch Shell Plc plans to spend as much as $1 billion a year on its New Energies division as the transition toward renewable power and electric cars accelerates.

“In some parts of the world we are beginning to see battery electric cars starting to gain consumer acceptance” while wind and solar costs are falling fast, Shell CEO Ben Van Beurden said in a speech in Istanbul on Monday. “All of this is good news for the world and must accelerate,” while still offering opportunities for producers of fossil fuels.

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So good to finally see a fossil fuel company supporting the future. Coming from an area effected by the 2010 BP Spill, it was absolutely appalling to see the lack of concern BP expressed to mitigate the damages caused by the spill.

I've always wondered what would happen to the fossil fuel industry as electric cars and other modes of transportation outside the traditional automobile rose in popularity. Great read! Thanks for posting!

It is about time. Oil companies have been hoarding clean energy patents solely to protect their oil interests. Now they see a slight move in the market with electric cars and they start moving with it a bit.

They could have done much more but these companies are there for their share holders and maximizing profits. I am proud of most many Dutch companies as a Dutchman, but Shell has a long way to go..

I'm all for green energy but I hope people don't forget that in third world countries the poor would not be able to afford green energy. Oil remains king due to its low price. I am hoping for a better tomorrow though.

Hahaha, that's a joke. These oil companies buy energy patents and throw them in the safe to never ever bring them out again. Remember clean energy is the competition to their dirty energy. Worse still is free energy which would revolutionize the world and make their oil energy obsolete.

Read about free energy on Tom Bearden's website.