On Monday, the Australian unit of Royal Dutch Shell stated, it has decided to acquire Select Carbon, an environmental services firm, as it moves ahead with its plan on cutting back its carbon footprint and expand its low-carbon and renewable power business.
Although Shell did not disclose the value of the deal, it however said, the acquisition will help in contributing towards the company’s ambition of being a “net-zero emissions energy business by 2050 or sooner.”
In 2019, the company had forayed into Australia’s highly competitive power sector with a takeover of ERM Power for $441 million (A$617 million).
Shell has made sizeable investments in renewables and electric vehicle technologies, and plans on allocating more funds in its power division by $2 to $3 billion every year by 2025.
Incidentally, Select Carbon specializes in developing carbon farming and manages a portfolio of over 70 projects encompassing over 9 million hectares across Australia.
In a statement Shell said, it expects to complete the deal before the end of 2020.