Shell has abandoned plans for one of Europe’s biggest biofuel plants as it retreats from green energy.
It paused construction in Rotterdam, saying yesterday an in-depth evaluation found it would not be competitive.
The move is a setback in the drive towards green energy as the industry turns its back on unprofitable projects.
‘It became clear that the project would be insufficiently competitive to meet customers’ need for affordable, low-carbon products,’ said Shell executive Machteld de Haan.
Along with other major oil companies, Shell has been shifting away from renewable projects and back to its traditional expertise of fossil fuel production.
Scrapped: paused construction of the Shell Energy and Chemicals Park in Rotterdam in July 2024 and yesterday said it will not resume construction of the facility
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
