Shell is looking to double its annual investment in renewables and other ‘new energies’ up to 2020 as it accelerates its push beyond oil and gas, the company said.

Capital allocation for new energies will be $1bn-$2bn a year until the end of the decade, executives from the supermajor said during a strategy update on Tuesday.

Shell has previously said it expected the business unit to account for $1bn by 2020.