SHELL AUSTRALIA BUYS ENVIRONMENTAL SERVICES FIRM SELECT CARBON
Royal Dutch Shell’s Australia unit said on Monday it will buy environmental services firm Select Carbon as it seeks to cut back its emissions and expand its low-carbon and renewable power business, Reuters reported on August 3, 2020.
Shell did not disclose a value for the deal, but said it will help in contributing towards the company’s ambition of being a “net-zero emissions energy business by 2050 or sooner.”
Last year, Shell made its first foray into Australia’s highly competitive power sector with a A$617 million ($441 million) takeover offer for ERM Power.
The Anglo-Dutch company has made a number of large investments in renewables and electric vehicle technologies, and plans to boost spending on its power division to $2 to $3 billion per year by 2025 as the world rapidly shifts towards cleaner energy. Select Carbon specializes in developing carbon farming and manages a portfolio of over 70 projects encompassing over 9 million hectares across Australia, according to the company’s website. Shell expects the deal to be completed before the end of the year, it said in a statement.