Shell intends to increase spending on its electricity business by $3bn over the next six years and expand its retail customer base to more than 5 million. The company's plan is more ambitious than similar ones announced by Total and Eni, with the investment representing 10% of the company's overall spending across the period. The scheme forms part of Shell's plan to halve its carbon emissions by 2050, offsetting the expected fall in demand for oil over the coming decades. Shell, which has been under pressure from environmental groups since it began drilling off Norway's coast last year, said that while it was committed to reducing greenhouse gas emissions, it would not be able to meet all targets
Shell intends to increase spending on its electricity business by $3bn over the next six years and expand its retail customer base to more than 5 million. The company's plan is more ambitious than similar ones announced by Total and Eni, with the investment representing 10% of the company's overall spending across the period. The scheme forms part of Shell's plan to halve its carbon emissions by 2050, offsetting the expected fall in demand for oil over the coming decades. The company is anticipating strong growth in demand for electricity from both electric vehicles and industry.