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Shell announces large UK investment

With the company in the process of cutting all its ties with Russia, energy major Shell has made an announcement saying that it will invest up to £25 billion in the energy system of the UK.

The UK Country Chair of Shell, David Bunch, made the announcement in a post on LinkedIn. He said Shell’s intention was to invest £20-25 billion over the coming decade in the UK energy system, adding:

“More than 75 percent of this will be in low and zero-carbon products and services, including offshore wind, hydrogen, and electric mobility. These investments, subject to board approval, aim to propel the UK closer to net-zero and help to ensure the security of supply whilst stimulating economic growth and jobs.”

Like some other oil and gas giants, Shell has committed to becoming a net-zero emissions energy business by 2050. It has already made progress in some areas, such as by offering carbon-neutral versions of lubricants like its gear oil and grease for the wind power sector.

Bunch also indicated that Shell could not act entirely alone, however, pointing out that the investment depended on urgent government action being taken to establish business case frameworks and enabling policies. He said these should tackle both demand and supply when considering technologies for the energy transition, such as carbon capture and hydrogen.

The UK Country Chair also said that a consistent political discussion was necessary, but that Shell was looking forward to helping the country meet its future energy needs while achieving the national goal of becoming net-zero by 2050.

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