Oil giant Shell says it needs oil output to fund green shift

The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it.

Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point.

Talking exclusively to the BBC, he said the company’s plans for greener energy could only be funded by oil and gas.

“At this point in time [the cash] comes from our legacy business,” he said.

Mr van Beurden was speaking at Europe’s biggest oil refinery at Pernis near Rotterdam, a facility he plans to transform from refining petrol and diesel, to making biofuels and hydrogen over the next decade.

-BBC

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