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

[ScienceRocks]

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

CEO says shift to renewables, electric cars is accelerating

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.
Shell sees opportunities in hydrogen fuel-cells, liquefied natural gas and next-generation biofuels for air travel, shipping and heavy freight -- areas of transport for which batteries aren’t adequate. The intermittent nature of wind and solar energy means power plants fired by natural gas will have a long-term role, Van Beurden said.

LOL, conservatism fails yet again!

 

[Pogo]

Good. I'm invested in Shell. Nice to know my money's being put to productive use.

 

[Papageorgio]

Works for me, any business can do with their money what they want.

ScienceRocks you can change your name but you are still a racist and that didn't change.

 

[Old Rocks]

Uh, what does racism have to do with energy companies deciding that they are not oil companies, but energy companies, and shifting their investments to solar and wind?

 

[Shrimpbox]

This company had a 9 billion cash flow in the fourth quarter on very low oil prices. One billion is not so much a seismic change as hedging your bets.

 

[CrusaderFrank]

peak oil?

 

[BlackFlag]

Oil companies know what's coming. And they increase their investments into alternative energies accordingly every year.

 

[IsaacNewton]

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

CEO says shift to renewables, electric cars is accelerating

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.
Shell sees opportunities in hydrogen fuel-cells, liquefied natural gas and next-generation biofuels for air travel, shipping and heavy freight -- areas of transport for which batteries aren’t adequate. The intermittent nature of wind and solar energy means power plants fired by natural gas will have a long-term role, Van Beurden said.

LOL, conservatism fails yet again!

It would have been helpful to the human race had they started this 30 years ago but at least they are finally getting the message. Many countries in Europe will be 100% renewables in the next ten years while the US lags far behind because it has to deal with the ball and chain that wants it to be 1850 again, the Republican Party.

 

[Old Rocks]

While these project investments represent an enormous sum, the power prices for these large-scale solar projects are some of the lowest ever recorded.

When Masdar was selected last year to build the third phase of the Mohammed bin Rashid Al-Maktoum Solar Park, its bid was heralded as the lowest-priced solar PPA in the world at 2.99 cents per kilowatt-hour. GranSolar, Acciona and Ghella were awardedthe engineering, procurement and construction (EPC) contract for the 800-megawatt project in January. EDF Group, via its subsidiary EDF Energies Nouvelles, joined the Masdar-led consortium in March. Financing for the project closed in June.

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Since the Dubai PPA was signed, however, prices have dropped even further, with tenders for the Sweihan project coming in as low as 2.42 cents per kilowatt-hour. Development teams were initially competing to build a 350-megawatt solar array, but the Abu Dhabi Electricity and Water Authority (ADWEA) invited bidders to submit bids for a larger project if they wished, as PV Magazine reported. Earlier this year, JinkoSolar and the Marubeni Corporation consortium signed a 25-year PPA with ADWEA to build the 1.2-gigawatt PV power plant.

Solar Leads a Recovery in Global Clean Energy Investment

Not only the oil companies, but the oil producing nations.