Shell has been widely credited with leading Big Oil’s energy transition, spending $1bn-2bn a year globally on a bewildering array of green-energy investments — from offshore wind to off-grid solar, from electric-vehicle (EV) charging networks to clean hydrogen, and from battery-based virtual power plants to blockchain peer-to-peer energy trading.

On the surface, it seems like an unfocused scattershot approach — like throwing mud at different walls and seeing what sticks.