High demand for a profitable product is a winning formula for commercial success and oil companies aren’t going to be slow to cash in on current prices, no matter what climate obsessives or politicians may say or think. Hydrogen-related roles get squeezed due to slack market interest. Meanwhile renewables firms seek ever larger handouts.
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Shell has taken another axe to its once lofty decarbonization plans, as the U.K. oil giant’s pivot back to fossil fuels picks up steam, says Climate Change Dispatch.
The group plans to cut at least 15% of staff working in its ‘low-carbon solutions division’ [sic] while scaling back its hydrogen business, Reuters first reported Wednesday.
The move will see 200 jobs go in 2024, with another 130 placed under review by the company, according to a statement from Shell.
The division specializes in solutions to decarbonize the transport and industry sector but is separate from its renewables business.
The focus of the cuts is its hydrogen light mobility unit, which develops technologies for passenger vehicles. The unit’s ambitions have been clipped as customers opt for EVs.
“We are transforming our Low Carbon Solutions (LCS) business to strengthen its delivery on our core low-carbon business areas such as transport and industry,” a representative for Shell told Fortune.
“We remain committed to investing in viable low-carbon business models and focusing on our strengths as we play our part in the decarbonization of the global energy system.”
There are 1,300 people working in the LCS division, Reuters reported, but the company has said that isn’t a full reflection of the people contributing to the unit.
It’s the latest move from CEO Wael Sawan, who joined in January, that pivots Shell back to fossil fuels.
Fossil Fuels Are Back
Across the globe, oil giants have been doubling down on their commitment to fossil fuels in the face of global plans to shift to sustainable energy.
Full article here.
via Tallbloke’s Talkshop
October 27, 2023 at 01:18PM
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