In the UK, Reuters reported that Shell expects to report a $600 million hit in the third quarter after abandoning its biofuels project in Rotterdam, bringing total impairments and provisions related to the venture to $1.4 billion.
Shell had approved development of the 820,000 metric tons-per-year biofuels plant in 2021, but paused construction last year and cancelled the project entirely in early September because it would not have been competitive, according to the report.
The decision to exit the project is the latest in a series of steps by fossil fuel producers retreating from earlier pledges to expand cleaner energy, the report added.
In February, BP announced it would sharply reduce its investment in renewables, while Equinor said it was scaling back its renewable energy ambitions, it added.
More on the story
