Shell plc — one of the world's five oil "supermajors" — has made more public commitments to renewable energy investment than almost any of its peers. But the gap between its stated ambitions and its actual capital allocation tells a more complicated story. This article traces the full history of Shell's renewable investments, from its early solar ventures in the 1970s to its current hydrogen and EV charging pushes — and examines the legitimate criticisms of how much of this constitutes meaningful transition versus strategic positioning.
Early Years: Shell Solar (1970s–2000s)
Shell's involvement in renewable energy actually predates most of its peers by decades. In 1970, as the first energy crisis loomed, Shell established research programs into solar photovoltaic technology — partly as a hedge against peak oil scenarios that were fashionable among energy economists at the time.
By 1988, Shell had formed Shell Solar, initially focused on manufacturing monocrystalline silicon solar panels for remote power applications — off-grid installations in developing countries, navigational buoys, and telecommunications repeaters where extending grid power was impractical. This was genuine, if niche, renewable deployment.
In 2002, Shell Solar expanded aggressively, acquiring a stake in Siemens Solar and positioning itself as one of the world's top solar panel manufacturers. At its peak, Shell Solar had manufacturing operations in Germany, the Netherlands, and the United States. Then, in 2006, Shell abruptly sold its solar and wind businesses to focus on oil sands and liquefied natural gas — a decision that, in hindsight, sacrificed enormous renewable energy market share just as solar costs were beginning their exponential decline.
What Shell Sold in 2006
Shell sold its solar assets to SolarWorld AG for an undisclosed sum. The wind assets went separately. Had Shell retained and invested in these businesses through the subsequent solar cost collapse, it would today control a portfolio worth tens of billions. Instead, it exited just before the renewable revolution began in earnest.
The "Powering Progress" Strategy (2021–Present)
Under CEO Ben van Beurden and subsequently Wael Sawan (who took over in 2023), Shell launched its "Powering Progress" strategy — a commitment to become a net-zero energy company by 2050 with intermediate targets. Key pledges include:
- Net-zero emissions by 2050 (Scope 1, 2, and 3 — the most comprehensive definition)
- 30% reduction in absolute emissions by 2035 versus 2016 baseline
- EV charging network: 500,000 charging points globally by 2025
- Hydrogen: Become a major supplier of both green and blue hydrogen
- Renewable electricity: Build or acquire significant generation capacity
Shell's Current Renewable Portfolio
As of early 2026, Shell operates renewable energy assets across several categories:
Wind Power: Shell holds stakes in offshore wind projects in the UK, Netherlands, Germany, and the United States. The Hollandse Kust Noord (HKN) offshore wind farm in the Netherlands (759 MW, operated by Shell as majority stakeholder) was completed in 2023 and is one of Europe's largest offshore wind installations. Shell also holds a significant stake in Atlantic Shores Offshore Wind off the New Jersey coast.
EV Charging: Shell acquired Ubitricity in 2021 (Europe's largest on-street charging network), NewMotion (EV charging management), and Greenlot (North American EV charging software). Shell Recharge now operates over 180,000 charge points across 30 countries — falling short of its 500,000 target but making it a meaningful player in the charging infrastructure market.
Green Hydrogen: Shell's Holland Hydrogen 1 project in Rotterdam, the world's largest renewable hydrogen plant when it launched in 2023 (200 MW electrolyzer capacity), is Shell's flagship green hydrogen investment. It supplies the Rotterdam refinery, incrementally decarbonizing the refining process.
Solar: Shell returned to solar through a joint venture in India (Cleantech Solar) and selective downstream solar installations at Shell service stations and industrial facilities. However, Shell does not have a large-scale utility solar generation portfolio to speak of.
Legitimate Criticism: The Greenwashing Debate
Environmental groups — including ClientEarth, which sued Shell's board in 2023 over climate plans — and academic researchers have repeatedly noted that Shell's "low-carbon" investment figures often include natural gas infrastructure (which Shell counts as a "transition fuel") alongside solar and wind. When critics strip out natural gas and only count truly renewable investments, the numbers drop substantially. At roughly 7% of total capex going to genuinely renewable assets in 2025, Shell's green ambitions remain far outpaced by its fossil fuel expansion.
Shell vs. Competitors: Who's Actually Transitioning?
For context, here's how Shell's renewable investment compares to other oil supermajors as a percentage of total capital expenditure (2024–2025 estimates):
- Equinor (Norway): ~25% of capex to renewables — the most committed supermajor
- BP: ~15% — ambitious targets, significant solar and wind acquisitions
- Shell: ~7–10% — meaningful but lagging stated ambitions
- TotalEnergies (France): ~25% — major solar and wind developer
- ExxonMobil: ~3% — minimal renewable investment; focused on carbon capture
- Chevron: ~5% — primarily focused on lower-carbon oil operations
The Bottom Line
Shell's renewable energy history is best described as a cycle of genuine early investment, strategic retreat during commodity booms, and public recommitment when climate pressure demands it. The Powering Progress strategy is more ambitious than what most supermajors are doing — and the Holland Hydrogen 1 plant and Ubitricity acquisition represent real assets. But at 7% of total capex, Shell remains overwhelmingly a fossil fuel company making selective renewable investments, not a company truly transitioning its business model. Whether that changes before the economics and regulation force it to is the central question of the next decade.