Shell will invest $1bn a year in hydrogen and carbon capture and storage (CCS) in 2024 and 2025, focusing on Northwest Europe and North America.
Huibert Vigeveno, Downstream and Renewables & Energy Solutions Director, delivered the commercial update in a presentation to mark the company’s Capital Markets Day in New York. “With hydrogen and CCS, we are seeding growth for the energy businesses of the future, which will be supported by power,” he said.
CEO Wael Sawan was confident the energy giant can “win” in the molecular space and underlined its commitment to hydrogen in decarbonising its assets and customers’ operations, particularly from 2030.
He said, “We’re winning in that space in today’s conventional energy and in future, we have the opportunities to do the same with green molecules. So we want to focus on areas where we know we can differentiate ourselves.”
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