Oil & gas supermajor Shell is planning to invest between $1bn and $2bn a year until 2020 in its new energies division, which will see the capital investment go towards wind, solar and gas projects in North America and Europe.

The company said the move is designed to prepare its portfolio for lower-carbon energy, “when this makes commercial sense”.

“We expect the largest part of our investments to be in power, where we will invest to gain access to customers, and in generation powered by solar, wind and gas,” Shell said in its Energy Transition Report.