Shell's goal is to achieve zero emissions by 2050 and with that make investments in the renewable market

Shell, the Anglo-Dutch multinational, has announced its strategy to achieve zero carbon emissions by 2050. The company will undertake investments of US$ 2 to US$ 3 billion annually in renewable energy projects. However, contrary to this objective, the company also announced that it allocated US$ 8 billion of its annual resources to oil production and US$ 4 billion to natural gas.

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Ben van Beurden, CEO of Royal Dutch Shell, says, “Our aim will be to reduce carbon emissions and deliver value for our shareholders, customers and society at large. We must provide services they want and need – products with the lowest environmental impact.”

"At the same time, we will use our established strengths to build a competitive portfolio as we transition to being a net zero emissions business in tune with society."

Commitment to carbon emissions:

As well as ditching fossil fuels, the Anglo-Dutch company is also hoping to increase its appeal to investors who are concerned about the energy giant's prospects for reducing greenhouse gas emissions in a changing world.

Shell announced in October 2020 that it would increase its spending on low-carbon energy by 25% within five years. Recently the company announced that it wanted to develop a solar energy project in Paraíba. The project has seven parks with an installed capacity of approximately 323 MW. Aneel's grant request is the first step towards making power generation projects viable.