When will Shell choose the large-scale renewable energy business it intends to develop?
People in Europe in particular tend to think the transition to renewables will take place much sooner than our own analyses would suggest. This will be a dynamic process that will develop slowly. We have already dismissed several options. Our search will continue in three directions: second-generation biofuels, large-scale wind farms and second-generation solar cells. And also hydrogen in the long term, although this is not actually a renewable as you have to use a great deal of energy to produce it. If one day a renewable proves to be a true competitor of oil and gas we would be prepared to invest a considerable amount in it. We do not want to be a small player because we would eventually lose out. But large investments are only worthwhile if the price/performance ratio vis-à-vis the market is sound. Renewables are still too expensive and there is really no point investing in large-scale production of something that is too expensive for consumers. We are and will remain an ordinary co
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