Oil major Shell is to “continue to target opportunities” in the power sector and will increase the capital allocated to its new energies division, which includes offshore wind, to $1bn to $2bn a year until 2020.
The UK-Dutch company made the announcement today as part of a wider strategy update.
The company also announced plans to cut the net carbon footprint of its energy products by around half by 2050, setting an interim target of 20% by 2035.
Shell is part of the Blauwind consortium that, together with Eneco, Mitsubishi Corp subsidiary Diamond Generating Europe and Van Oord, won the right to develop the 740MW Borssele 3&4 offshore wind farm in the Netherlands.
Image: reNEWS
