Adjusted earnings within Shell’s renewables and energy solutions business fell to $228m in the second quarter of 2023, compared with $725m in the second quarter of 2022.
In Shell’s second quarter and half year results in 2023 adjusted EBITDA for the business unit in Q2 was $438m compared with $1bn in Q2 2022.
In the first half of 2023 adjusted earnings for the renewables and energy solutions business were $617m compared with $1bn for the first half of 2022.
Renewables and Energy Solutions includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions.
It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.