Green crisis: Shell cuts jobs in Low Carbon technologies by 15%.
Shell plans to cut 15% of 1,300 jobs in its Low Carbon Solutions business as it scales back some green energy ambitions and focuses on profitable oil and gas projects as well.
The UK-based multinational plans to shed 200 jobs in its Low Carbon Solutions division next year, and is also examining the future of a further 130 positions in the green energy sector, which currently employs around 1,300 people, it said. Shell told Reuters on Wednesday in response to a question.
“We are transforming our Low Carbon Solutions (LCS) business to strengthen its offering in our core low-carbon business areas such as transport and industry,” Shell told Reuters . An answer that seems strange when workers are fired.
The multinational will reduce its activities in developing hydrogen technologies for passenger vehicles, according to the company, which also plans to merge two of four general manager roles in the hydrogen division.
Earlier this year, Shell unveiled plans to increase its dividend by 15%, starting with its second-quarter 2023 interim dividend, while the UK-based supermajor pledged to grow its gas business and extend its position upstream.
Institutional investors in Europe have been disappointed by Shell's new strategy of continuing to invest in oil and gas production and selectively pouring capital into renewable energy solutions, so much so that some investors are considering removing it from their portfolios.
But Shell CEO Wael Sawan said reducing global oil and gas production would be “ dangerous and irresponsible ” as the world still desperately needs those hydrocarbons.
“It is critical that the world avoids dismantling the current energy system faster than we can build the clean energy system of the future. Oil and gas will continue to play a crucial role in the energy system for a long time to come, with demand only gradually reducing over time,” Sawan said at Shell's Capital Markets Day in June.
Furthermore, non-institutional investors will be very satisfied with the expected increase in corporate profits, and, in the end, commercial companies are created for the profit of shareholders…
Thanks to our Telegram channel you can stay updated on the publication of new Economic Scenarios articles.
The article Green crisis: Shell cuts jobs in Low Carbon technologies by 15%. comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/crisi-del-green-shell-taglia-del-15-i-posti-di-lavoro-nelle-tecnologie-low-carbon/ on Thu, 26 Oct 2023 08:00:48 +0000.