Royal Dutch Shell, a multinational oil industry, has made its presence in the region for fossil fuels and is now switching away from this business. Before COVID-19 pandemic, the production of oil was so high and after that it fell rapidly due to the country’s aim to get a less polluting form of energy. Shell’s aim is to reduce climate warming emissions. Shell’s new plan for reaching its goal of being carbon free by 2050, will impact on the output of oil drop annually by 1% to 2%. Shell has total 13 refineries, out of which it will eliminate seven and also aims to slow down the production of the gasoline and diesel fuel by 55% over the coming decade. The plan to reduce oil production is a big move of the European oil companies for reducing carbon emissions responsible for global warming, while still making money.
Furthermore, Shell plans to launch around 500,000 electric charging stations in next coming four years. This will increase the electric vehicle charging infrastructure and has given a rise to investors to invest cash into the industry, also inspired a few companies to become public companies to meet the demand of capital. Shell’s CEO, Ben Van Beurden said that the growing strategy of the company will reduce the carbon emission and will deliver value to shareholders, customers and wider society.
Apart from it, in September 2020, ChargePoint, an electric vehicle charging network dealt with merging with acquisition company Switchback Energy Acquisition corporation, for amount of $2.4 billion. In January 2020, EVgo, an operator and manufacture of electric vehicle charging infrastructure, dealt to merge with the SPAC climate change crisis real impact, for amount $2.6 billion. In addition, Volta industries agreed to merge with Tortoise acquisition II, for $1.4 billion. These type of deals are done for increasing the electric vehicle charging infrastructure in the country. Charging stations in the country will drive the sale of electric vehicle in the market and assist to achieve the aim of zero carbon emission by 2050.
