UK energy giant Shell has said it will invest up to £ 25bn in UK energy systems over the next decade.
Shell UK Chairman David Bunch said: “Today I can announce that Shell UK plans to invest between £ 20bn and £ 25bn in the UK energy system over the next ten years.”
According to Bunch, the investment will see more than 75% invested in “low and zero carbon products and services, including offshore wind, hydrogen and electric mobility”.
Shell’s investment is designed to support the country’s investment net zero targetswhile supporting the domestic energy industry.
Bunch also said “Shell cannot act alone,” calling on the government to further support the transition to cleaner energy.
“There is an urgent need for government-wide action to invest this money to deliver the enabling policy and business case frameworks. These must address both the supply and demand side of energy transfer. ”
Bunch said: “I will be setting out more details on Shell UK’s plans for all this in the coming months”.
Shell is one of many businesses that have committed to being carbon neutral by 2050.
UK energy giant BP has also announced significant investment in non-carbon energy technologies, having unveiled plans to inject an additional £ 1bn into its electric vehicle (EV) infrastructure.
The IS Financial Times it first reported BP’s plans to unveil a target of operating around 24,000 EV loading points across the UK by 2030.
Mike Hawes, chief executive of the Association of Motor Manufacturers and Traders, said at a press conference on Wednesday: “Last year it was about one in every 16 EVs on the road, this year it’s likely to be one for every 32. ”
Hawes added: “The pace of the market shift for EV sales is deteriorating. We need infrastructure to catch up. ”
Both investments are the latest examples of oil and gas companies supporting green tech initiatives.
Earlier this week, BP Ventures, the oil and gas giant’s investment arm, backed the methane drone detection company with Flylogix. Equity investment £ 3m.
UK energy and climate start-ups will need all the capital they can get, and the data shows that struggle with scale compared to other sectors such as fintech.
Shell to invest up to £ 25bn in UK energy projects
Source link Shell to invest up to £ 25bn in UK energy projects