Shell, an oil company, has launched the Shell Energy brand in Brazil and has committed to investing 3 billion reais ($ 570 million) in renewable energy in the country until the end of 2025.
With Shell’s division focused on decarbonisation and renewables, Shell Energy will provide clean electricity from solar and wind plants, as well as low-carbon energy from thermal gas. It will also offer environmental products such as renewable energy certificates and carbon offsets.
Shell Energy Brazil currently has six solar projects totaling 2GW and its head of development at the renewables level for Latin America, Gabriela Oliveira, was quoted by Reuters as saying that it anticipates 5GW of solar energy within its Brazilian portfolio by the end of this year.
Analysts and investors see Brazil as an increasingly attractive market for solar energy, given the country’s energy needs, lack of supply, favorable legislation and climate.
In February, Shell pledged to spend between $ 2 billion and $ 3 billion annually on renewable energy and energy solutions to help reach net zero by 2050, although it remains heavily reliant on fossil fuels.
Their declared investments in oil exploration would continue to be effectively three times higher than those destined to renewables, which constitutes a measure described as delusional by environmental groups.