Shell urges the UK government to match the hundreds of billions of dollars in US and EU green energy subsidies.
Wael Sawan, the oil major’s chief executive, told the newspaper that the UK government should “take a page from some of the things that the US have done recently, through the Inflation Reduction Act”, which, among other measures, allots billions of dollars in incentives for renewable energy companies. He also said the European Union was more attractive for energy investment.
The UK cannot match the funds but has outlined plans to increase private sector investment in green technologies of the future. The government has also urged the US and EU not to start a subsidy war. Sawan said the energy profits levy, a tax on windfall profits made as a result of high oil and gas prices caused by the war in Ukraine, was “disincentivising the investment in new supplies which are critical if you want to build energy security for the long term”.