Shell to Invest $300 Million as Part of Climate Goal
April 08 2019 - 11:56AM
Dow Jones News
By Maitane Sardon
Royal Dutch Shell PLC (RDSB.LN) said Monday that it will invest
$300 million in the protection and restoration of natural
ecosystems over the next three years as part of its goal to reduce
its carbon footprint by 2-3%.
Shell said it plans to invest in forests, wetlands and other
natural ecosystems around the world. It said it will collaborate
with the Dutch state forestry service to plant over 5 million trees
in the Netherlands over the next 12 years. It also plans to plant
300,000 trees in the Spanish region of Castile and Leon by the end
of 2019.
Elsewhere, Shell will invest in 200 new rapid electric-vehicle
charge-points powered by renewable energy in its gas stations in
the Netherlands, it said. These will add to the 500 ultra-fast
chargers the company is already installing across Europe.
From April 17, Shell said it will give its customers filling up
their tanks at its service stations in the Netherlands the option
to offset their carbon emissions by buying credits to support
environmental projects.
This will be done at no extra cost for those who choose Shell
V-Power petrol or diesel, while those who fill up their tanks with
regular Shell petrol or diesel will be asked at the counter whether
they would like to offset their emissions for an additional 1
European cent a liter. The money drivers pay for the credits will
be invested in projects such as tree planting.
Shell, which together with Exxon Mobil Corp. (XOM), BP PLC
(BP.LN), Total SA (FP.FR) and Chevron Corp. (CVX) accounts for 10%
of global oil output, said in 2018 that it would provide three- to
five-year targets beginning in 2020 to reduce its net carbon
footprint on an annual basis. It plans to incorporate the targets
into a revised remuneration policy for executives, which will be
subject to a shareholder vote in 2020.
According to environmental disclosure charity CDP, Shell is one
of the top three companies best prepared for the low-carbon
transition among the 24 largest and highest-impact publicly traded
oil-and-gas companies.
However, oil companies' recent commitments to green investors
remain modest and expenditure in alternative energies for the
oil-and-gas sector is still low at $22 billion in 2018, CDP
said.
Write to Maitane Sardon at maitane.sardon@dowjones.com
(END) Dow Jones Newswires
April 08, 2019 11:41 ET (15:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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