Wetselaars department generates one third of the oil company’s turnover, and aims to accelerate the transition to a future beyond oil and gas. For example, Shell has already committed itself to spending $ 1 billion to $ 2 billion annually in renewable energy over the next two years, out of a total investment budget of $ 25 billion that is mostly spent on fossil fuels.
Wetselaar said he could successfully argue for an increase from 2020 onwards if his initial investments generate sufficient returns. ‘I would like to see my current company financially credible enough, not only for the company, but also for the shareholders, to want to double it and look for more,’ he said in an interview with the Guardian.
Earlier, Shell announced that it is investing $ 200 million in the New Energies Campus in The Hague, The Netherlands.