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That’s a 97% consensus at Shell that renewables are not profitable

The Top Ten solar companies don’t pay any dividends

 Shell Chief Executive Ben van Beurden says he is wary of switching completely to renewables as it may threaten the very survival of the company.

Amazing that the oil and gas giant Shell got its shareholders to vote on whether they should put their profits towards becoming a 100% renewables corporation.

Major investors have been applying pressure on Shell to increase focus on renewables in order to mitigate climate change risks.

97 percent of Shell shareholders at its annual meeting on Tuesday rejected a resolution to invest profits from fossil fuels to become a renewable energy company. The Anglo-Dutch firm had previously said it was against the proposal.

So despite twenty years of relentless spin that “Clean Green Energy” is the future, 97% of investors know it isn’t.

Once again, the green sector have overplayed their hand. Shell‘s been good to them, pandering to the fear campaign for years, donating to their causes, and lobbying for carbon credits (because even and oil and gas company can get extra profits from big-government gravy into “sequestration” and biofuels.) But the green activists were not content. Too much is never enough.

Oil and gas companies have come increasingly under the spotlight particularly after the COP21 agreement in Paris at the end of last year and its reinforced goal to limit global carbon emissions.

The CEO knows exactly how much money solar energy makes:

Van Beurden said all the top 10 solar companies in the world represent $14bn in capital employed and invested $5 billion in solar energy last year, but none had so far paid any dividends.

With no grip on numbers, Green activists will push into fantasy land every time.

h/t Jim

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