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Shell faces groundbreaking complaint for misleading US authorities and investors on its energy transition efforts [1]

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Date: 2024-11

Despite fossil fuel giant Shell claiming to spend 12% of its annual expenditure on “Renewables and Energy Solutions”, we found that in reality the company only spends 1.5% of its overall expenditure on solar and wind power generation. Alarmingly, it appears that a significant portion of Shell’s spending on “Renewables and Energy Solutions” actually goes to investments in climate-wrecking gas.

We cannot afford fossil fuel companies like Shell to carry on with these greenwashing and delaying tactics. That’s why Global Witness has filed a groundbreaking greenwashing complaint with the US Securities and Exchange Commission (SEC), the US agency charged with protecting investors, showing how Shell overstates its investments in renewable energy by including gas-related activities, such as integrated power, gas marketing and trading, hydrogen, and carbon capture and storage.

Misleading investments in renewable energy

In 2021, Shell designated $2.4 billion of its total $19.7 billion expenditure towards what it labels as “Renewables and Energy Solutions”. Yet we estimate that only $288 million of this expenditure was directed towards wind and solar power generation – making up a paltry 1.5% of the company’s overall spending.

Shell does not disclose how much it spends on fossil gas activities that it tells investors are “renewable” or “energy solutions”, though gas plays a role in the majority of the investments included under the label. Fossil gas is anything but a renewable, and according to the International Panel on Climate Change, is the third most carbon-intensive method of generating electricity. The UN Environment Program says methane, the primary component of fossil gas, is responsible for more than a quarter of the global warming the world is today experiencing.

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[1] Url: https://www.globalwitness.org/en/campaigns/fossil-gas/shell-faces-groundbreaking-complaint-misleading-us-authorities-and-investors-its-energy-transition-efforts/

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