Home Business News Shell set to invest £25bn into UK’s energy system after severing ties with Russia

Shell set to invest £25bn into UK’s energy system after severing ties with Russia

by LLB Finance Reporter
24th Mar 22 12:27 pm

Britain has been delivered a major boost as Shell are to invest £25bn into the UK’s energy system after the energy giant has cut ties with Russia.

Shell has pledged that more than 75% of their investment will be for low and zero-carbon products, which includes offshore and wind renewable hydrogen.

In response the Chancellor’s Spring statement on Wednesday Rishi Sunak addressed the UK’s energy crisis as household bills are soaring affecting millions of Brits.

In response to Sunak’s Spring statement, Shell UK country chair David Bunch said, “I can announce that Shell UK is planning to invest between £20 and £25bn into the UK energy system over the next decade.”

Bunch added, “These investments, subject to board approval, aim to propel the UK closer to net zero and help to ensure the security of supply whilst stimulating economic growth and jobs.”

Bunch also said the government has a big role in this also, he said, “However, Shell cannot act alone. Investing this money requires urgency of action across government to deliver the enabling policy and business case frameworks.

“These must address both the supply and demand side of the energy transition (in areas such as hydrogen and carbon capture storage (CCS), for example).

“We look forward to working together to help the UK secure its future energy supply and move towards its 2050 net-zero target.”

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