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Shell UK to invest up to £25bn in energy sector to ‘propel the UK closer to net zero’

The investment will largely go to low carbon solutions like electric mobility. Image: Kent Smith/Shell.

The investment will largely go to low carbon solutions like electric mobility. Image: Kent Smith/Shell.

Shell UK has announced it is to invest £20 to 25 billion in the energy sector over the next decade.

Writing on LinkedIn in response to Chancellor Rishi Sunak’s Spring Statement at the end of last week, UK country chair David Bunch unveiled the investment plans.

More than 75% of this funding will go towards low carbon technologies, such as offshore wind, hydrogen, carbon capture utilisation and storage (CCUS) and electric mobility, the company said.

The investment is subject to board approval and supporting policy.

It is designed to “propel the UK closer to net zero and help to ensure security of supply whilst stimulating economic growth and jobs,” wrote Bunch.

“However, Shell cannot act alone. Investing this money requires urgency of action across government to deliver the enabling policy and business case frameworks. These must address both the supply and demand side of the energy transition (in areas such as hydrogen and CCS, for example).”

Shell’s electric mobility arm Shell Recharge Solutions hit a new milestone with more than 10,000 public chargers available on its network in the UK in February.

While last year, the oil and gas giant announced a new £1 billion fund to help businesses accelerating the energy transition, and unveiled plans for large-scale floating offshore windfarms together with ScottishPower.

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