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Shell: Global Witness Accuses of Greenwashing in Renewable Energy
The oil giant Shell is facing a groundbreaking lawsuit for misleading US authorities and investors about its efforts towards the energy transition. In a new complaint by the British NGO Global Witness to the US financial regulatory authority, the corporation is accused of lumping some of its gas-related investments with its renewable energy expenditures to inflate its overall investments in renewable energy sources. The corporation recently reported record profits, primarily due to revenues from its oil and gas business. This could potentially extend the fossil business model and delay or jeopardize the transformation towards electrification, independent energy experts fear.
"Although the fossil fuel giant Shell claims to spend 12 percent of its annual expenditures on 'Renewable Energy and Energy Solutions,' we have found that the company actually spends only 1.5 percent of its total expenditures on the generation of solar and wind energy. Alarmingly, it turns out that a significant portion of Shell's expenditures on 'Renewable Energy and Energy Solutions' actually goes into investments in climate-damaging gas. We cannot afford to have fossil fuel companies like Shell continue with these greenwashing and delay tactics. That is why Global Witness has filed a groundbreaking greenwashing complaint with the US Securities and Exchange Commission (SEC), which is responsible for protecting investors," outlined the NGO specializing in the commodity sector.
In it, it is highlighted how Shell exaggerates its investments in renewable energies by including gas-related activities such as integrated power generation, gas marketing and trading, hydrogen, as well as carbon capture and storage. In 2021, Shell allocated $2.4 billion of its total expenditures of $19.7 billion to the "Renewable Energy and Energy Solutions" segment. However, the NGO estimates that only $288 million of these expenditures were directed towards wind and solar energy generation - which would be just 1.5 percent of the company's total spending. The corporation does not disclose how much it spends on fossil gas activities, which it tells investors are "renewable" or "energy solutions," even though gas plays a role in the majority of investments listed under this label, according to further allegations.
Fossil gas is not a renewable energy source
The NGO points out that fossil gas can by no means be considered a renewable energy source and, according to the International Panel on Climate Change, is the third-largest carbon-intensive method of power generation. According to the UN Environment Programme, methane, the main component of fossil gas, is responsible for more than a quarter of the global warming that the world is currently experiencing.
In response to the allegations in this complaint, a Shell representative wrote that "Shell is confident that its financial disclosures fully comply with all SEC and other reporting requirements" and pointed to statements in recent quarterly and annual reports where "Renewable Energy and Energy Solutions" are defined to include the gas-related activities described above.
Translated automatically from German."We need a fair and just transition to renewable energies. That is why Global Witness is calling on the SEC to investigate Shell's greenwashing in its investments in fossil gases to determine whether Shell has violated relevant US securities laws, and to impose fines and prohibit Shell from further violations as necessary," the NGO appealed.
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