Shell share price: Firm to open 400 hydrogen fuelling stations in Germany by 2023
Royal Dutch Shell Plc (LON:RDSA) announced yesterday that it has signed a declaration of intent with its H2 Mobility Germany joint venture partners and Germany’s federal transport minister over plans to roll out 400 hydrogen fuel stations by 2023.
The pumps, three of which the venture has already opened and operates, refuel hydrogen fuel cell electric cars – environmentally neutral vehicles, which, however, have struggled to make headway into consumer markets.
“Hydrogen-fuelled electric vehicles could play a key part in a low-carbon, low-emission, future,” said Oliver Bishop, General Manager of Hydrogen at Shell. “H2 Mobility Germany shows what we can achieve through close collaboration between governments and business. The next step is for consumers to embrace this opportunity and consider buying hydrogen vehicles as they become available.”
Shell has been promoting its low-carbon energy stance with renewed vigour of late, as the world prepares for the potentially groundbreaking 2015 United Nations Climate Change Conference, which will be held in Paris from November 30 to December 11. The goal of the conference is to achieve a legally binding agreement between all member-nations to curb carbon emissions in a bid to slow down global warming.
A more hawkish resolution in Paris could leave many energy companies with so-called ‘stranded assets’ – fossil resources in the ground, which the firms have booked, but might never extract in order to adhere to carbon restrictions.
In the context of the Paris conference, Shell, in partnership with other energy companies and environmental organisations, set up an energy advisory group last month. The so-called Energy Transitions Commission will consult governments on how to efficiently transition to greener energy portfolios.
Charles Holliday, Shell chairman, said that the goal of the commission is to paint of picture of where the energy industry is going—as opposed to where the oil industry would like it to go. He underscored that the energy industry has a minority representation at the group, as to be unable to veto or hide its findings.
“[The commission is] going to come up with an answer [as to how economies could transition to less carbon-intensive energy], even if the CEO doesn’t like the answer,” Holliday said as he announced the launch of the group.
Shell’s share price had climbed 0.34 percent to 1,785.00p as of 13:02 BST today, outperforming the FTSE 100 which had dropped 0.5 percent.
As of 13:27 BST, Wednesday, 14 October, Royal Dutch Shell Plc ‘A’ share price is 1,784.00p.