Activist group accuses Shell of misleading investors about renewables |
LONDON, Feb 1 (Reuters) – Oil major Shell ( SHEL.L ) by activist group Global Witness USAis accused of misleading investors about plans to spend on renewable energy in its filing with the securities regulator.
Another host Europe Like other energy companies, Shell aims to rapidly expand its low-carbon and renewable energy business as part of efforts to reduce greenhouse gas emissions in the coming decades.
In a complaint filed with the Securities and Exchange Commission (SEC) on Wednesday, Global Witness said it was concerned that “Shell has materially misrepresented its financial commitment to renewables by exaggerating its spending in this area.”
Britain The company said in February 2021 that it will invest 2 per year in renewable energy and energy solutions billion 3 from the dollar billion to the dollar funds aims to spend.
Shell’s renewable energy, carbon capture and offsets, including hydrogen and retail gas and electricity 2.4 in 2021 expenses for the division covering sales billion dollars organized. This was equal to 12% of the company’s total expenses.
Global Witness said its calculations for Shell’s renewable energy sources such as wind and solar 20 showed that it spent only 1.5% of its total expenses of billion dollars or 288 million dollars.
Latest UpdatesNetwork & InfrastructureCategoryEmerging Asia gas LNG interest from markets prices increases as decreases, article with galleryGalleryMarketscategoryNeft prices FED rises ahead of OPEC decisions, picture article
See 2 more stories
Shell has denied the charges, saying that “all financial disclosures to the SEC and others report he said that he is sure that it is in full compliance with his requirements.
The complaint also from the SEC gas was asked to investigate whether the inclusion of its trade in Shell’s renewables and energy solutions division was “a materially misleading misrepresentation”.
Shell has stepped up its investment in renewable energy with a $1.55 billion acquisition of India-based Sprng in 2022 and a $2 billion deal to buy Danish renewable natural gas company Nature Energy.
Reporting by Ron Bousso Editing by David Goodman
Our standards: Thomson Reuters Trust Principles.
2023-02-01 17:27:04
Source – reuters
Translation“24 HOURS”