Shell CEO says there is no change in company's strategy - Reuters
Shell CEO says there is no change in company's strategy | Reuters
Shell CEO says there is no change in company's strategy
A view shows a logo of Shell petrol station in South East London, Britain, February 2, 2023. REUTERS/May James//File Photo Acquire Licensing Rights
ABU DHABI, Oct 2 (Reuters) - Shell (SHEL.L) has no plans to change direction in the oil major's strategy, Chief Executive Officer Wael Sawan told the ADIPEC energy conference in Abu Dhabi on Monday.
"Ultimately the shareholder needs to make a judgment whether the low carbon energy options we're putting in front of them are investable, and we need to be able to cover our cost of capital and make a return for our shareholders," he said.
Reporting by Maha El Dahan, Yousef Saba and Alexander Cornwell; Writing by Ahmad Ghaddar in London, Editing by Louise Heavens
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
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On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”