Shell plans to invest more in biofuels, less on wind, solar and hydro power More news
17 March 2009Shell says it will cut its investments in renewable technologies such as wind, solar and hydro power but will invest more in biofuels.
The Guardian reported that Shell executives at its annual strategy presentation said the company would invest more money in the development of ‘second generation’ biofuels which do not use food-based crops.
A Shell spokesperson said that many alternative technologies do not offer sufficiently attractive investment opportunities. However, biofuels were said to better fit the company’s ‘core business’.
The company said it will also concentrate on developing cleaner ways of using fossil fuels, such as carbon capture and sequestration (CCS) technology.
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