Shell to invest £25bn in UK energy systems

General – Shell

Shell will invest up to £25bn in the country’s energy system over the next decade, according to UK country chair David Bunch.

In a statement on LinkedIn, he said: “Today I can announce that Shell UK is planning to invest between £20bn and £25 billion into the UK energy system over the next decade.”

He revealed 75 per cent of the investment will be in low and zero-carbon products and services, including offshore wind, hydrogen and electric mobility.

The investment – which is subject to board approval – is intended to boost the UK’s net zero ambitions and ensure the security of domestic energy supplies.

Bunch also called on the government to support the energy transition with a clear strategy, warning that Shell cannot act alone.

He said: “Investing this money requires urgency of action across government to deliver the enabling policy and business case frameworks. These must address both the supply and demand side of the energy transition (in areas such as hydrogen and CCS, for example).”

Commenting on the specifics of the plan, Bunch added: “I will be setting out more detail on Shell UK’s plans on all this in the months ahead.”

Shell has committed to reaching net carbon emissions by 2050 across its businesses- in line with government pledges.

Original Source: https://ocean-energyresources.com/2022/03/24/shell-to-invest-25bn-in-uk-energy-systems/