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During Rio Oil & Gas, Shell’s President Reported That the Company Will Allocate 30% to 35% of Its Budget to Energy Investments
Shell, a multinational oil company whose main activities are oil refining and natural gas extraction, stated during Rio Oil & Gas that it will redirect 30% to 35% of its total budget toward research and development of new energies in Brazil starting in 2021. The statement was made by the company’s president in Brazil, André Araújo.
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The company’s president stated, “Shell will sell more products with lower carbon intensity, such as renewable energies, biofuels, and, I hope, hydrogen at some point in the future. The low-carbon economy has real business opportunities, job creation, and income. If Brazil does its homework, it will get ahead of everyone.”
Currently, the company invests about 10% in research and development in various oil and gas sectors. Shell aims to invest part of its global annual budget in new energies, with new targets related to global ambitions announced this year.
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Soon, Shell announced that it aims to neutralize total carbon emissions by 2050 and, in accordance with the Paris Agreement targets, reduce the carbon footprint of its products by up to 65% over this period.
André says, “We are talking about US$ 5 billion a year in the first years (in investments in new energies). That is more than a large number of companies in the sector invest.”
The executive had previously mentioned that Brazil would be one of the locations where the company intends to invest in new sectors. Shell has already shown interest in creating and developing solar energy projects in the country.
“We will adapt, but there is still uncertainty about how this will be done. We will move along with society. We must deliver healthy investments for our investors,” concludes André.
