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Shell: Britain Is Less Attractive Than The U.S. For Energy Investment
The UK is less attractive than the United States for energy investment, due to the high windfall taxes on energy producers in Britain and the lack of incentives for clean energy investments similar in scale to the American provisions to boost green energy, Shell’s CEO Wael Sawan told The Times in an interview published on Monday.
The UK government should “take a page from some of the things that the US have done recently, through the Inflation Reduction Act,” Sawan told the newspaper.
The IRA has nearly $370 billion in climate and clean energy provisions, including investment and production credits for solar, wind, storage, critical minerals, funding for energy research, and credits for clean energy technology manufacturing such as wind turbines and solar panels.
The EU also seeks to bolster policies to support the EU’s clean technology manufacturing and preserve the bloc’s competitiveness in the face of the U.S. Inflation Reduction Act and massive subsidies in China.
The UK, for its part, is discouraging investments with sudden changes, regulatory permitting hurdles, and uncertainty over subsidies and windfall taxes, Shell’s Sawan told The Times.
The RenewableUK group called on the government last month to stop intervention and uncertainty and start looking at what the U.S. is doing in terms of supporting green energy investments.
“At a time when the USA has set up a much more positive policy and regulatory environment for investors, the UK is continuing to develop policies which would increase uncertainty and dampen investment,” RenewableUK said in a report.
Shell, which has planned to invest $30 billion (£25 billion) in the UK energy system over the next ten years, is now re-evaluating each project comprising the investment plan, after the UK raised the windfall tax, officially known as the Energy Profits Levy (EPL), to 35%.
Last year, Shell said it planned to invest £20-25 billion in the UK energy system over the next 10 years, with more than 75% of this intended for low and zero-carbon products and services, including offshore wind, hydrogen, carbon capture utilization and storage (CCUS), and electric mobility.
The levy is “fundamentally disincentivizing the investment in new supplies which are critical if you want to build energy security for the long term,” Shell’s top executive told The Times.
By Tsvetana Paraskova for Oilprice.com
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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