Two executives in recent weeks have left European energy giant Shell as the company scales back its investment in green technology, Bloomberg reported Friday.
The U.K. energy giant has recently shifted its focus back to its core oil and gas business as part of CEO Wael Sawan’s effort to boost profits and shareholder value. The company on Friday confirmed the departure of global executive vice president for renewable generation, Thomas Brostrom, just over a week after team lead of quantitative trading at Shell trading subsidiary Next Kraftwerke, Steffen Krutzinna, Bloomberg reported. (RELATED: Despite Green Growth, Fossil Fuels Retain Dominant Grip On Energy: REPORT)
“Thomas Brostrom has elected to leave Shell to pursue an external opportunity,” a Shell spokesperson told the Daily Caller News Foundation. “We wish him all the best and thank him for his significant contributions to Shell’s renewable generation business.”
A restructuring of Shell’s corporate structure, set to go into effect July 1, is set to eliminate Brostrom’s former position of executive vice president for renewable generation, Bloomberg reported. The role of renewable energy generation oversight will be shifted to regional heads throughout the company, who in turn report to Executive Vice President Steve Hill.
Shell and fellow British energy giant BP have shifted focus from renewables after their American counterparts Exxon Mobil and Chevron significantly outperformed them. While Shell reiterated in a press release that it intends to reach its target of producing net-zero carbon emissions by 2050, the company in a footnote says it would face “significant risk” of failing to hit the target without an accompanying shift by society at large.
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