Shell could double its existing planned level of investments in renewables and other areas of clean energy if its early forays are successful, said the executive overseeing the oil and gas giant’s New Energies unit.

Maarten Wetselaar, gas and new energies director for Shell, said the Anglo-Dutch group could pump up to $4bn annually into green energy after 2020 if its initial strategy proves to be “financially credible”. Shell currently plans to put $1-2bn a year into New Energies up to 2020.

Wetselaar told The Guardian he expects solar to be the most widely-used source of renewable generation – the fossil energy group has made several PV-related investments in the last year.

But he also reaffirmed Shell’s interest in offshore wind. The oil group recently secured two footholds in the US offshore market in joint ventures with European partners, adding to its earlier success off the Netherlands.

“From a Shell perspective, we are very, very keen to win more in this game. In the North Sea but also offshore North America. And we’re even looking at China, India, Taiwan, Japan maybe,” Wetselaar said.

Recharge reported earlier this month how Shell is one of a number of major Western players looking for an entry point to the Chinese offshore wind sector.

Wetselaar told The Guardian the oil and gas group would look for acquisitions in the clean energy space, but this wouldn’t include “huge old utilities” that “are stuck in the old ways of working”.

Transition

Shell 'could double New Energies investments'