Activist group accuses Shell of misleading investors on renewables - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Oil major Shell has been accused of misleading investors over its renewable energy spending plans in a complaint filed with the US securities regulator by activist group Global Witness.

Like other leading European energy companies, Shell is aiming for rapid expansion of its low-carbon and renewables business as part of efforts to reduce greenhouse gas emissions over the coming decades.

The British company said in February 2021 that it aims to spend between $2 billion and $3 billion a year on renewables and energy solutions. Global Witness said that its own calculations showed Shell spent only 1.5%, or $288 million, of its total spending of $20 billion on renewable energy sources such as wind and solar.

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