Shell calls for policy stability

CEO Ben van Beurden says transition investments are easier to make in a stable policy environment

A stable policy environment will help Shell invest in the UK’s low-carbon transition, says the firm’s CEO Ben van Beurden. Shell made a profit of $9.1bn in the first quarter of 2022, up from $3.2bn last year. The firm does not separate out the share of its profits made in the UK, but says it pays tax on those profits. Asked whether a windfall tax would affect its ten-year plan to invest £20-25bn ($26-33bn)—more than 75pc of which is intended for low-carbon products and services—in the UK energy system, van Beurden called for policy stability. “If there was a windfall tax on the North Sea would that affect our plans for electric vehicle charging investments? I suppose not,” says van Beurden.