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Shell has no intention of investing in renewable technologies such as wind, solar, and hydro power since these are not commercial, stated the Anglo-Dutch oil company today. The company intends to invest in biofuels, which many environmentalists believe drive up the cost of food and result in deforestation. The company affirmed that it would focus on pursuing other cleaner strategies of getting fuels, like carbon capture and sequestration (CCS) technology. It was hoping to use CCS to reduce emissions from Shell’s questionable and energy-intensive oil sands projects in north Canada.

The company declared that many alternative technologies like the RV solar panel did not offer attractive investment chances. “If there exists no investment chances that compete with other projects, we cannot inject cash into it,” stated Linda Cook, Shell’s executive director of gas and power.

Its core business of the provision of logistics, branding, trading, and fuels, are where biofuels fit in, as Shell expounds.

Cook also said: “It now seems as if biofuels are one alternative closest to what we offer in Shell. Wind and solar are engaging but we may continue to tussle with other investment prospects in the portfolio even with large assistance in several markets. The increasing of its dividend payments this year to $10bn, or about 5%, was also confirmed by the company. Shell was criticized by the Friends of the Earth, investment freezing in such renewable resources like the use of wind for biofuels.

The campaign group clarified: “Shell is supporting the wrong party in terms of renewable energy biofuels, leading to more emissions than the gas and diesel they replace. “Shell is at least being a bit more truthful about the fact they seem to be a fossil fuel company. It saw the constraints of the green wash it was putting out some years ago.”. Shell possesses some 550MW of wind farm capacity around the globe, ample energy to supply power to a town the size of Sheffield when the wind is blowing. Last year, it pulled out of the 1,000MW London Array project, the partnership to build what would be the planet’s biggest offshore wind farm, in the Thames Estuary. The required 3 billion pound investment is still hanging on the decision of former project partner E.ON.

Extroverted CEO Jeroen wagon der Curve confirmed that the corporation had gone through some “technology baths” in the past when it supported unprofitable technologies. The Firm has foretold that by 2025, eighty percent of energy will come from normal fuels and twenty p.c. from alternative power sources like the RV solar panel. Yet it is spending just over 1 percent of its budget on alternative technologies.

Over the past five years, only 1.7 billion dollars of the 150 billion it invested has been allotted towards alternative sources of energy such as the RV solar panel. Now a huge portion of its business, Cook states that at one time, only 1% of the budget was invested by the company on natural gas in a liquid state.

The company assured that it would elevate debt levels to keep dividend payments steady and to stick to its spending agenda. Wagon der Curve claimed that energy needs over the long haul are healthy, and that oil prices would recover.