Amid resistance from a major petroleum trade group against the Biden administration’s gas car policies, multinational oil company Shell is shifting its focus towards renewable energy and electric vehicle charging.
Outlined in its Energy Transition Strategy 2024 report, Shell announced plans to divest 1,000 retail gas stations between 2024 and 2025. This reallocation of resources will see a shift towards EV charging stations to meet customer demands, as reported by Bloomberg.
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Petroleum companies resist EVs
While petroleum groups push back on EV regulations, Shell aims to expand its charging network worldwide.
Shell has a strong international investment in EV charging, with substantial growth seen in converting gas stations to charging hubs. By the end of 2023, Shell Recharge had over 54,000 EV charge points globally, up from 27,000 in 2022.
The company’s ambitious goal for the decade includes installing 70,000 public charging points by 2025 and 200,000 by 2030, as per the report.
Despite divesting 1,000 stations, which represent only 4% of its sites, Shell’s focus remains on expanding its successful EV charging model globally, including in the U.S.
Shell Recharge recently launched a major EV charging station in Shenzen, China, with 258 charging points and significant daily usage by EV drivers.
In the U.S., Shell continues to expand its presence, having acquired charging company Volta. With over 3,000 active charge points in 31 states and more in development, Shell Recharge is making strides in increasing charging accessibility.
Anticipating a decline in oil demand due to EV growth, Shell envisions a future where EVs take precedence. The company predicts a surge in EV sales, emphasizing the crucial role of charging infrastructure.
Shell aims to shift focus from gas to renewable power, recognizing the increasing demand for electric vehicles and the necessity for sustainable energy solutions.
While discontinuing its hydrogen stations in California, Shell acknowledges the potential of hydrogen in the future once it becomes cost-effective.
Shell’s move towards EV charging aligns with the growing adoption of electric vehicles worldwide, despite opposition from groups like AFPM against government regulations supporting EVs.
As the world shifts towards sustainable energy practices, Shell’s commitment to expanding EV charging infrastructure underscores the importance of decarbonization and embracing electric mobility.