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Shell Sells Oil Sands Assets as Boss Warns on Clean Energy Challenge
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An excavator at the Athabasca project near Fort McMurray in Alberta. Shell has cut its interest in the project as part of a retreat from tar sands. Photograph: Mark Ralston/AFP/Getty Images
Carbon-heavy assets offloaded for $8.5bn as company ties 10% of directors’ bonuses to how well it manages emissions
theguardian.com - March 9, 2017
Royal Dutch Shell has agreed to sell most of its carbon-heavy Canadian oil sands assets for $8.5bn (£7bn) as the chief executive warned that the industry risked losing public support without progress towards cleaner energy.
The world’s second largest publicly-traded oil company plans to increase its investment in renewable energy to $1bn (£800m) a year by the end of the decade, Ben van Beurden said on Thursday, although it is still a small part of its total annual spending of $25bn (£20.5bn).
Shell also said that 10% of directors’ bonuses would be tied to how well it manages greenhouse gas emissions in refining, chemical and upstream operations.
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Shell Sells Canadian Oil Sands, Ties Bonuses to Emissions Cuts
reuters.com - by Karolin Schaps - March 9, 2017
Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $8.5 billion, the latest international oil major to withdraw from the costly and carbon-heavy projects.
Shell is trying to sell assets totaling $30 billion to cut debt following its $54 billion acquisition of BG Group and is under investor pressure to mitigate climate change risks.
Shell also said on Thursday that 10 percent of directors' bonuses will now be tied to how well it manages greenhouse gas emissions in refining, chemical and upstream operations.
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