Oil giant Shell made a big deal for the "green" transition of production shutterstock

Oil giant Shell made a big deal for the "green" transition of production

Olena Yatseno

This will triple the capacity in the field of renewable energy sources

European oil and gas giant Shell is ready to buy Indian renewable energy supplier Sprng Energy for $1.55 billion in order to quickly switch to green energy production.

This agreement will accelerate the transition of the oil and gas company to low-carbon energy, writes Bloomberg.

Shell noted that such an agreement will triple the capacity in the field of renewable energy sources. It will also help them achieve zero carbon emissions by 2050.

"This will allow Shell to become a leader in the electricity value chain in a rapidly growing market," the company added.

Note that Sprng Energy is a renewable energy platform created by a private equity firm. It currently has wind and solar projects under development.

Shell promised that they would provide a report on the progress of the transition to renewable energy during the meeting of shareholders, which will be held at the end of May.

Before EcoPolitica reported that the British-Dutch oil and gas company Royal Dutch Shell promised to intensify efforts to reduce carbon emissions.

Recall that The court of The Hague ordered the private company Shell to reduce carbon dioxide emissions in line with the Paris Agreement.

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