Shell in Germany eyes EU subsidies to go green

Photo: AP

The German subsidiary of Royal Dutch Shell announced it hoped to raise funds from EU and local government subsidies to speed its transformation plans for decarbonisation of fuel production, Reuters reported. The energy giant aims to introduce the production of plant based aviation fuel.

The global Shell group has set itself a goal of net zero emissions by 2050. It did not elaborate on expected cost of decarbonisation but outlined the speed of the process depended to both German government and EU subsidies.

At Wesseling, part of the Rheinland refinery complex, it plans to use green electricity to produce synthetic, carbon-free, power-to-liquids to replace its conventional jet fuel and naphtha output, building a ptl plant from 2023 and starting production in 2025. Hydrogen is also considered a green fuel when electricity from renewable energy is used in its production.

Shell said last September it will set up offshore wind farms to provide power and on Friday it said it could also start building a 100 MW electrolysis plant, to be called Refhyne II, from 2022, scaling up from a 10 megawatt plant.“The product portfolio of the location clearly must change,” said Fabian Ziegler, head of Shell Deutschland. To further the shift to clean transport in Germany, Shell also plans to equip petrol filling stations with electric car charging points.

Similar articles

  • Ferrari launches EV model in 2025

    Ferrari launches EV model in 2025

    Italy’ popular sports carmaker announced plans to join the global low carbon trend by introducing its own all-electric model, ANSA reported. The company’s chairman John Elkann told reporters that the carmaker will have a fully electric car by 2025. “We are continuing to execute our electrification strategy in a highly disciplined way,” Elkann said. “Our interpretation and application of these technologies both in motorsport and in road cars is a huge opportunity to bring the uniqueness and passion of Ferrari to new generations.”

    25
  • Self-driving Cruise startup attracts $2.75bn

    Self-driving Cruise startup attracts $2.75bn

    US Cruise self-drive startup announced it had managed to raise additional 2.75 billion dollars in a funding round targeted at big key investors, Reuters reported. The latest operation boosts the market valuation of Cruise to over 30 billion dollars. The results of the funding round were released shortly after rival TuSimple announced plans for an IPO.

    22
  • BlackRock assets top $9 trillion as Q1 profits surge

    BlackRock assets top $9 trillion as Q1 profits surge

    The world’s largest asset manager BlackRock announced very optimistic financial data and surpassed the expectations of independent experts, Reuters reported. The net inflows to BlakRock’s various funds exceeded 172 billion dollars, far above the Wall Street expectations. Net income rose to $1.2 billion, or $7.77 per share, in the three months ended 31 March, from $1.03 billion, or $6.60 per share, a year earlier. The reading was above the Refinitiv IBES estimate of $7.64 per share. BlackRock’s assets under management rose to a record $9 trillion in the quarter, compared with $6.47 trillion a year earlier.

    19