Oil giant Shell will cut its hydrogen projects and 200 jobs, or 15%, in its low-carbon solutions division from 2024.
This is part of new CEO Vael Savan's strategy to increase the company's profits, reports Reuters.
"We are transforming our Low Carbon Solutions (LCS) business to strengthen its performance in our core low-carbon activities such as transportation and industry," the company said.
The LCS is said to cover hydrogen and other projects to decarbonise the transport and industrial sectors, in addition to renewable energy. The division also includes carbon capture and storage projects, as well as solutions based on natural resources that will not be affected by the current reduction.
According to the company, Shell plans to drastically reduce production of hydrogen light mobility, which develops technology for light passenger vehicles, and focus on heavy mobility and industry.
The material added that in October, Savan said that Shell was changing its path to achieve climate neutrality by 2050.
Earlier, EcoPolitic wrote, that Europe's largest oil company Shell PLC secretly abandoned its climate plans to spend $100 million a year on carbon credits.
As EcoPolitic previously reported, the head of the International Energy Agency, Fatih Birol, said that the world is at the beginning of the end of the fossil fuel era.
