{"id":285551,"date":"2023-10-28T20:51:09","date_gmt":"2023-10-28T18:51:09","guid":{"rendered":"https:\/\/climatescience.press\/?p=285551"},"modified":"2023-10-28T20:51:13","modified_gmt":"2023-10-28T18:51:13","slug":"shell-takes-axe-to-its-low-carbon-division-refocusing-efforts-on-fossil-fuel-extraction","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=285551","title":{"rendered":"Shell Takes Axe To Its \u2018Low Carbon\u2019 Division, Refocusing Efforts On Fossil Fuel Extraction"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Fossil Fuels Are Back. Shell\u00a0(SHEL.L)<\/a>\u00a0will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits.<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

From The Climate Change Dispatch<\/a><\/em><\/p>\n\n\n\n

BY\u00a0RYAN HOGG<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Shell has taken another axe to its once lofty decarbonization plans, as the U.K. oil giant\u2019s pivot back to fossil fuels picks up steam.<\/p>\n\n\n\n

The group plans to cut at least 15% of staff working in its low-carbon solutions division while scaling back its hydrogen business, Reuters first reported<\/a> Wednesday.<\/p>\n\n\n\n

The move will see 200 jobs go in 2024, with another 130 placed under review by the company, according to a statement from Shell. [emphasis, links added]<\/p>\n\n\n\n

The division specializes in solutions to decarbonize the transport and industry sector<\/strong> but is separate from its renewables business.<\/p>\n\n\n\n

The focus of the cuts is its hydrogen<\/a> light mobility unit<\/strong>, which develops technologies for passenger vehicles. The unit\u2019s ambitions have been clipped as customers opt for EVs<\/a>.<\/p>\n\n\n\n

\u201cWe are transforming our Low Carbon Solutions (LCS) business to strengthen its delivery on our core low-carbon business areas such as transport and industry<\/strong>,\u201d a representative for Shell told Fortune.<\/p>\n\n\n\n

\u201cWe remain committed to investing in viable low-carbon business models and focusing on our strengths<\/strong> as we play our part in the decarbonization of the global energy system<\/strong>.\u201d<\/p>\n\n\n\n

There are 1,300 people working in the LCS division, Reuters reported, but the company has said that isn\u2019t a full reflection of the people contributing to the unit.<\/p>\n\n\n\n

It\u2019s the latest move from CEO Wael Sawan, who joined in January, that pivots Shell back to fossil fuels<\/strong>.<\/p>\n\n\n\n

Fossil Fuels Are Back<\/h3>\n\n\n\n

Across the globe, oil giants have been doubling down<\/strong> on their commitment to fossil fuels<\/strong> in the face of global plans to shift to sustainable energy<\/a>.<\/p>\n\n\n\n

Earlier this week Chevron,<\/strong> the second biggest oil company in the U.S., bought rival Hess Corp<\/strong>.<\/a> in a $53 billion deal.<\/p>\n\n\n\n

The acquisition, its biggest ever, gives the group a significant foothold in the growing oil exploration market of Guyana<\/a><\/strong>.<\/p>\n\n\n\n

That purchase followed Exxon Mobil\u2019s $59 billion deal<\/a> to buy the fracking giant Pioneer Natural Resources<\/strong>.<\/p>\n\n\n\n

The group expanded its presence in the Permian region<\/strong> straddling Texas and New Mexico with the deal, and left the world in little doubt about its commitment to fossil fuels<\/a>.<\/strong><\/p>\n\n\n\n

The fresh arms race to secure oil resources comes despite the International Energy Agency (IEA), the world\u2019s leading energy agency, reaffirming its prediction<\/a> that demand for coal, oil, and natural gas would peak in 2030<\/a><\/strong>.<\/p>\n\n\n\n

Still, oil groups have been emboldened by rising prices<\/strong> in recent years tied to supply chain logjams<\/strong> following COVID-19 and Russia\u2019s invasion of Ukraine, which has left the commodity in short supply<\/a> and helped companies like Shell to eye-watering profits.<\/p>\n\n\n\n

Read rest at\u00a0Fortune<\/a><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Fossil Fuels Are Back. Shell\u00a0(SHEL.L)\u00a0will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits. From The Climate Change Dispatch BY\u00a0RYAN HOGG Shell has taken another axe to its once lofty decarbonization plans, as the U.K. oil […]<\/p>\n","protected":false},"author":121246920,"featured_media":285559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Fossil Fuels Are Back. Shell\u00a0(SHEL.L)\u00a0will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819173,691818370,691824083,691818154,691819831],"class_list":{"0":"post-285551","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-decarbonization","9":"tag-hydrogen","10":"tag-low-carbon-solutions-lcs","11":"tag-net-zero","12":"tag-shell","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/image-793.png?fit=2048%2C1152&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1chF","jetpack-related-posts":[{"id":400250,"url":"https:\/\/climatescience.press\/?p=400250","url_meta":{"origin":285551,"position":0},"title":"Shell abandons huge biofuel project in Netherlands","author":"uwe.roland.gross","date":"05\/09\/2025","format":false,"excerpt":"British oil giant Shell announced Wednesday it has abandoned construction of one of Europe's largest biofuel plants in the Netherlands, as it focuses on its fossil fuels business.","rel":"","context":"In \"Europe's largest biofuel plants\"","block_context":{"text":"Europe's largest biofuel plants","link":"https:\/\/climatescience.press\/?tag=europes-largest-biofuel-plants"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0the-shellenberger-chronicles-part-three-do-radical-environmentalists-mean-well-get-serious-1.jpg?fit=844%2C568&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0the-shellenberger-chronicles-part-three-do-radical-environmentalists-mean-well-get-serious-1.jpg?fit=844%2C568&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0the-shellenberger-chronicles-part-three-do-radical-environmentalists-mean-well-get-serious-1.jpg?fit=844%2C568&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0the-shellenberger-chronicles-part-three-do-radical-environmentalists-mean-well-get-serious-1.jpg?fit=844%2C568&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":274794,"url":"https:\/\/climatescience.press\/?p=274794","url_meta":{"origin":285551,"position":1},"title":"Malcolm Turnbull: Fossil Fuel Derived Hydrogen Must be Restricted for Green Hydrogen to Flourish","author":"uwe.roland.gross","date":"21\/08\/2023","format":false,"excerpt":"Perhaps Turnbull thinks we\u2019re all too stupid to understand the implications of the social changes he is attempting to engineer. 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