If renewables were so awesome, companies wouldn't have to try to do creative accounting like this to boost their renewable rating.
Oil giant Shell accused of 'greenwashing' and misleading investors
An advocacy group is accusing the oil giant Royal Dutch Shell of misleading investors by classifying its investments in natural gas as spending on renewable energy.
In a complaint filed today with the Securities and Exchange Commission, the group Global Witness argues that Shell's classifications amount to "greenwashing" the practice of portraying a business or product as more environmentally friendly than it really is.
In Shell's most recent annual report, for instance, the company said it directed 12 percent of its capital expenditure to "Renewables and Energy Solutions" in 2021.
But according to a Global Witness analysis of figures reported by Shell, the company directed just 1.5 percent of its capital expenditure to developing renewable energy sources such as wind and solar power. The rest of the spending went toward gas.
As a result, Global Witness alleges, Shell has misled investors about its commitment to transitioning away from fossil fuels and reducing its exposure to climate-related risks.
Oil giant Shell accused of 'greenwashing' and misleading investors
An advocacy group is accusing the oil giant Royal Dutch Shell of misleading investors by classifying its investments in natural gas as spending on renewable energy.
In a complaint filed today with the Securities and Exchange Commission, the group Global Witness argues that Shell's classifications amount to "greenwashing" the practice of portraying a business or product as more environmentally friendly than it really is.
In Shell's most recent annual report, for instance, the company said it directed 12 percent of its capital expenditure to "Renewables and Energy Solutions" in 2021.
But according to a Global Witness analysis of figures reported by Shell, the company directed just 1.5 percent of its capital expenditure to developing renewable energy sources such as wind and solar power. The rest of the spending went toward gas.
As a result, Global Witness alleges, Shell has misled investors about its commitment to transitioning away from fossil fuels and reducing its exposure to climate-related risks.
