Shell’s plan does not focus solely on retail sites. “Charging will look very different from how we think about it today.” “This is a forecourt of the future, with electric vehicle charging, hydrogen will be there, liquefied natural gas, and then you’ve got a restaurant and a shopping area,” said Sanford Bernstein’s Clint.
Shells gas station plus#
Together, the increased number of electric vehicle chargers plus expanded network of retail sites gives Shell a way to continue to bundle its products together, much as it currently sells its own gasoline at Shell-owned retail sites while also earning revenue from other businesses on the forecourt. Shell would also likely aim to sell biofuels and hydrogen at these retail sites: it plans to increase the amount of biofuels and hydrogen in the transport fuels it sells to 10%, from 3% currently.
(“Retail sites” refer to gas stations, a spokesperson said when reached by phone, although the company didn’t respond to further questions.) In tandem, it wants to grow its electric vehicle charging network from 60,000 charge points currently to around 500,000 by 2025. Shell already owns 46,000 retail sites and wants to increase that to 55,000. Shell’s plan to focus on the retail side of the renewables business would build on its existing strength as a retail provider of gasoline and diesel. “We aim to be a leading provider of clean Power-as-a-Service,” the company said. Part of that plan relies heavily on carbon offsets, including spending an expected $100 million per year on “ nature-based solutions” such as planting trees.īut the real substance of the plan involves bulking up its retail operations and overhauling them to focus on sales of renewable electricity directly to households and electric vehicle owners. It wants to reduce the carbon intensity of its energy products by 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050, against a 2016 baseline.
Shells gas station series#
To achieve net-zero emissions by 2050, including emissions from its own products, Shell has linked the salaries of 16,500 staff to a series of carbon reduction targets. It is also selling its European retail energy businesses, which were seen only a few years ago as key to its energy transition.“The company has to generate the cash it needs to reinvent itself and shift its mix towards renewables in preparation for a long-term net zero future,” said Russ Mould, Investment Director at financial services firm AJ Bell.įrom retail gasoline to retail power, biofuels and hydrogen It is carrying out a review of its chemicals business which made a loss of $1.4bn last year. Shell has already scrapped several projects, including in offshore wind, hydrogen and biofuels, due to projections of weak returns. The shift away from cuts in oil production at Shell is similar to a move by BP earlier this year. His willingness to slow the speed and nature of Shell’s transition to renewables and green energy future is in marked contrast to Shell’s former boss, Ben van Beurden, who introduced the carbon reduction targets and the energy transition strategy. It may yet face similar legal action in the UK courts The company is planning to appeal a Dutch court ruling which said Shell must increase its climate targets. Only one in five shareholders voted for a resolution at the agm calling for Shell to set more ambitious targets for cutting greenhouse-gas emissions.
While expected to stick to Shell’s target of becoming a net-zero emitter by 2050, the executive told investors at that meeting in London that “significant investments in oil and gas are needed just to keep production at a constant level, let alone to meet growing demand”.
Shells gas station free#
Security personnel remove a protester during the Fossil Free London demonstration at Shell’s annual shareholder meeting (Photo: Toby Melville/Reuters) Last month Shell security staff were forced to protect Mr Sawan and other board members when climate activists tried to rush the podium at its Annual General Meeting. It will anger climate-focused investors who want to see its record profits used to speed up the transition to renewable energy rather than slow the progress.
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