Shell to invest $1 billion a year in renewable energy by 2020July 12, 2017
Shell has ambitious plans concerning renewable energy and clean transportation
Shell has ambitious plans to show more support for renewable energy in the coming years. The company’s New Energies division is being prepared to make the transition toward clean power and transportation. Through this division, Shell plans to invest $1 billion a year in renewable energy and clean transportation by 2020. Shell CEO Ben Van Beurden notes that the transition toward clean power and technology has begun to accelerate in many parts of the world. This has created a significant need for Shell to adapt to changing markets.
Fuel cells may play a major role in the future of the auto industry
Clean transportation is one of the company’s primary interests. Shell sees significant promise in hydrogen fuel cells, liquefied natural gas, and biofuels. Fuel cells, in particular show a great deal of potential, as they have already established a significant presence in the transportation space. Most of the world’s leading automakers plan to commercialize fuel cell vehicles in the near future. Shell believes that fuel cells will play a major role in the expansion of clean transportation, alongside other clean technologies that produce no harmful emissions.
Shell to focus on the renewable energy market of smaller countries
Shell notes that more attention must be placed on the growing renewable energy spaces in emerging markets. The company suggests that renewable energy policies in the United States and Europe often attract the most amount of attention. In other countries, however, clean power markets are experiencing rapid growth. These countries may offer companies like Shell more opportunities than what can be found elsewhere. As such, companies may need to focus more on emerging markets in order to find success in the renewable energy space.
Clean power offers several economic benefits
Renewable energy has become a significant focus for many countries. These countries are interested in becoming more environmentally friendly by cutting emissions, but they are also heavily interested in the economic benefits of clean power. As countries become less reliant on fossil-fuels, they will spend less on energy imports. They will also become more energy independent and new clean power projects will help create thousands of sustainable jobs.