Shell dumps wind, solar and hydro power in favour of biofuels

Courtesy of guardian.co.uk

Shell will no longer invest in renewable technologies such as wind, solar and hydro power because they are not economic, the Anglo-Dutch oil company said today. It plans to invest more in biofuels which environmental groups blame for driving up food prices and deforestation. Executives at its annual strategy presentation said Shell, already the world's largest buyer and blender of crop-based biofuels, would also invest an unspecified amount in developing a new generation of biofuels which do not use food-based crops and are less harmful to the environment.

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http://www.guardian.co.uk/business/2009/mar/17/royaldutchshell-energy

biofuel, renewable energy, shell

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Vote: +1

"This really annoyed me, Shell had a revenue lasy year of $458,361 million, it made $26.5 Billion profit, its CEO doubled his take home to over £10 million.

Shells business operations, not including of course the actual use of their products, produce 70 million tonnes of Green House Gases, which to put into presective is around the same as the whole of Sweden. There products on the otherhand do huge damage as well we all know.

Now of they have 1.7 billion invested in renewables, my initial reaction when hearing this was , "Is that all?", afterall look at the corporate branding campign they have been running throughout 2009, judging only on the campaign you would have thought Shell was actually a renewable energy company, and not one that has less than 0.4 of last years annual revenue invested in total in renewables.
The reason they have given for withdrawing is not that renewables are unprofitable, they are just not profitable enough. Ba humbug"

By: Natural Choices :: 2 years ago