Carbon-heavy assets offloaded for $8.5bn as company ties 10% of directors’ bonuses to how well it manages emissions
Royal Dutch Shell has agreed to sell most of its carbon-heavy Canadian oil sands assets for $8.5bn (£7bn) as the chief executive warned that the industry risked losing public support without progress towards cleaner energy.
The world’s second largest publicly-traded oil company plans to increase its investment in renewable energy to $1bn (£800m) a year by the end of the decade, Ben van Beurden said on Thursday, although it is still a small part of its total annual spending of $25bn (£20.5bn).
Related: Shell’s 1991 warning: climate changing ‘at faster rate than at any time since end of ice age’