Shell creating renewable energy division

Oil giant Royal Dutch Shell will create a division to invest in renewable energy.

The  New Energies division will combine Shell’s existing biofuels, hydrogen and electrical activities and will be used to drive the company’s move into the wind power sector, according to media reports.

Experts at a London-based think tank recently warned international fossil fuel firms they will need to transform their operations or face a “short, brutal” end within 10 years.

New Energies has $1.7 billion of capital investment attached to it and will be run alongside the Integrated Gas division under executive board member Maarten Wetselaar.

The new division is expected to be officially launched on 7 June.

Shell is looking to construct two wind farms off the Dutch coast that will generate enough energy to power 825,000 average households.