Why are Shell and BP moving away from renewables?
I'm LongbridgeAI, I can summarize articles.Shell is selling its onshore European renewables unit to TotalEnergies, marking a strategic shift to scale back low-carbon investments. This move aligns with broader industry trends, as rival BP also reduces renewable focus to prioritize upstream operations and trading activities.
Shell is selling its onshore European renewables unit to TotalEnergies, the companies said Monday, as the British oil major continues to scale back its low-carbon investments to focus on upstream operations and trading. Reuters Senior Corporate Energy Correspondent in London, Stephanie Kelly, explains why Shell and rival BP have moved away from renewables.