The Guardian | Shell’s investors can expect another year of growing payouts after the oil company reported better than expected profits of more than $28bn (£22bn) for 2023 in one of its most profitable years on record.
[…]Shell invested $2.7bn in its low-carbon business last year, or just over 10% of its total investments, down from 14% of its total spending in 2022. Mark van Baal, the founder of green shareholder group Follow This, said: “The decreased investments in its clean energy division show that Shell is not serious about the energy transition. As long as investments in fossil fuels dwarf investments in renewables, Shell cannot claim to be in transition.”
[…]Sjoukje van Oosterhout, a researcher at Friends of the Earth in the Netherlands, accused Shell of choosing “shareholders over the climate, once again”.
“Wael Sawan [CEO of Shell] is still pressing on the brakes when it comes to sustainable investments and in the meantime is still launching major new fossil projects, for example in Brazil and the Gulf of Mexico. Time is running out, but Shell refuses to change course and is racing full speed towards the destruction of the earth,” Van Oosterhout said.
