Shell Drops Renewable Energy In Favor of Biofuels and Carbon Capture

Shell oil says it will no longer invest in wind, solar, and other renewable energy projects and will instead pump more money into developing next-generation biofuels and carbon capture and storage technologies. Speaking at the company’s annual strategy session, Shell executives said they had decided that many alternative energy technologies did not represent an attractive investment and that developing biofuels — including those made from non-food sources — was more in line with Shell’s traditional business. “We are businessmen and women,” said Linda Cook, Shell’s executive director of gas and power. “If there were renewables (that made money) we would put money into it.” Shell, which is producing oil from Alberta’s controversial oil-sands project, also said it will invest an unspecified sum into capturing and sequestering carbon dioxide underground. Environmental groups sharply criticized Shell for turning its back on solar and wind projects; the company has developed some wind energy installations worldwide and has featured them prominently in its advertising.