Shell will no longer invest in renewable technologies such as wind, solar and hydro power because they are not economic, the Anglo-Dutch oil company said today. It plans to invest more in biofuels which environmental groups blame for driving up food prices and deforestation.
Excellent, so corporate responsibilities is just another word?
The company said it would concentrate on developing other cleaner ways of using fossil fuels, such as carbon capture and sequestration (CCS) technology. It hoped to use CCS to reduce emissions from Shell’s controversial and energy-intensive oil sands projects in northern Canada.
The company said that many alternative technologies did not offer attractive investment opportunities. Linda Cook, Shell’s executive director of gas and power, said: “If there aren’t investment opportunities which compete with other projects we won’t put money into it. We are businessmen and women. If there were renewables [which made money] we would put money into it.”
I fail to understand how a company or shareholders of a company can be so blind with greed that their attitude is “fuck it, let’s make more money”. I understand that the whole idea is behind a company is to make money but as it has been amply demonstrated in the past few months, just making money for investors is not enough. The aim has suddenly become to make enormous amounts of money under moral and legal ambiguity.
Canadian oil sands has become a real thorn in the side of Canadian politics. How long will it be before a responsible government is sworn in and a clamp down on the oil sands production occurs. Nothing much can be expected from the bunch of clowns running the Canadian government right now, but sooner or later, it’s bound to happen. What are Shell shareholders going to do then?
And by pulling out of renewable energies saying it’s not a viable investment, isn’t Shell demonstrating a lack of foresight? Isn’t that what someone said about computers? Isn’t that what someone said about nuclear energy? Isn’t that what someone said about landing on the moon? Why is it that Shell has basically dropped the ball on “trying” to find new ways to better harness the sun, wind and water? What will the shareholders do to the company if an alternative for carbon based fuel is developed?
This is a poor corporate strategy which jsut so happens to do irreparable harm to Earth.