Shell Sells Oil Sands Assets as Boss Warns on Clean Energy Challenge

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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