In response to declines in global prices and the economic recession, oil giant Royal Dutch Shell announced this past Tuesday it is backing away from alternative energy investments in solar, wind, and hydrogen energy sources in favor of further development of oil and gas as part of its future strategic direction. Its renewable energy focus will shift to development of biofuel technologies.
“We do not expect material amounts of investment in [solar and wind energy] going forward…They continue to struggle to compete with the other investment opportunities we have in our portfolio.”
– Linda Cook, Executive Director Gas & Power, Royal Dutch Shell
- Shell goes cold on wind, solar, hydrogen energy – Reuters (March 19, 2009)