Royal Dutch Shell is buying renewable marine energy company EOLFI. The French green energy company specializes in solar and offshore wind farm projects.
Shell, which generates most of its revenue from oil and gas, wants to become the world’s largest electricity company and expects to invest $2 billion to $3 billion a year — nearly 10% of its overall spending — on its power division by 2025.
EOLFI is part of a group developing a pilot project off the coast of Brittany, France, as it ramps up activity in a market the International Energy Agency says could attract a cumulative $1 trillion of investment by 2040.
“Joining forces with Shell will enable us to continue our mission of producing renewable and competitive electricity,” says EOLFI founder Alain Delsupexhe.
As Electrek reported last week, Marisa Drew, head of Credit Suisse’s impact advisory and finance division, had this to say to Yahoo Finance UK:
Let’s take the energy sector for a second. There will be a day when the world can be 100% reliant on alternative energy. If you’re in an old school-energy business and we hit that moment where we switch, guess what? The value of those old school investments isn’t going to be worth much.
US formally pulls out of Paris Agreement
US Secretary of State Mike Pompeo yesterday announced the US’s “formal process of withdrawing from the Paris Agreement.” The US is the only country to abandon the agreement.
Yesterday was the first day that the Trump administration could give their one-year notice, and they wasted no time. So the US can now leave the agreement on November 4, 2020 — a day after the US presidential elections.
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