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Report: Shell may ditch renewable energy investments as company returns to fossil fuel roots

Shell's CEO told the BBC last week the world still "desperately needs" natural gas.

Published: July 13, 2023 4:50pm

Amid multiple leadership changes, the massive oil and gas company Shell is looking to dilute its green energy operations as part of its recent shift back towards fossil fuels, according to a report from The Telegraph.

Days after the company’s renewable generation head, Thomas Brostrom, was revealed to be leaving the company, The Telegraph reported that Shell was seeking third parties to sell off much of its renewable energy investments.

Brostrom was appointed to lead Shell’s renewable energy division after inheriting it from Elisabeth Brinton in February 2022. He "elected to leave Shell to pursue an external opportunity," a spokesperson for the company is reported to have said. 

Brinton was in her role for less than two years before stepping away. The current vice president of Shell Energy Australia, Greg Joiner, has reportedly been chosen to succeed Brostrom.

A Shell spokesperson directed The Telegraph to the organization’s past remarks that "dilutions" in its green energy stake are indeed part of their business model moving forward.

These developments follow Shell boss Wael Sawan, who took over as CEO in January, directing the company to ramp up oil and gas production.

Speaking to the BBC last week, Sawan "disagree[d]" with the United Nations’ António Guterres that fossil fuel investing was morally and economically dangerous.

"What would be dangerous and irresponsible, Sawan said, "is cutting oil and gas production so that the cost of living, as we saw last year, starts to shoot up again."

The world "desperately needs oil and gas" to supply power to nations, he added.

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