Royal Dutch Shell has released its Energy Transition Report which outlines the firm’s future within a cleaner energy industry.
Despite continuing with oil exploration, the company also claims it will “thrive as the world transitions to lower-carbon energy”, it stated in a press release.
“Understanding what climate change means for our company is one of the biggest strategic questions on my mind today,” stated Ben van Beurden, CEO of Shell.
“In answering that question, we are determined to work with society and our customers.”
“We will help and inform and encourage progress towards the aims of the Paris Agreement.”
“And we intend to continue to provide strong returns for shareholders well into the future.”
In the report, the company states that it anticipates it will produce 80% of its current oil and gas reserves by 2030, expecting only 20% production following.
Shell also aims to invest £3.5bn (US$4.89bn) in conventional oil and gas, as well as an additional $3.5bn on oil products.
The company has also set the goal to spend £1.4bn ($1.99bn) on renewable energies.
Shell aims to grow its business in what it expects to be important areas and will use data from its Sky Scenario to methodically identify future investments.
Shell will also target wind power for future investments as part of its expansion in power markets.
“We have the 680MW offshore wind farm on the border in the Southern North Sea between the Netherlands and the UK, and there’s more to come,” remarked John McArthur, Vice President of group CO2 at Shell.