Shell says accelerated energy transition inevitable

Speaking in an earnings call, Ben Van Beurden, the Chief Executive Officer of Shell, has said an acceleration of the energy transition is inevitable for Europe to go “cold turkey” on Russian gas.

Van Beurden was responding to a question from Bank of America analyst Christopher Kuplent, who asked about European efforts to achieve energy independence. The Shell CEO responded that it would be very hard to manage without Russian energy imports, particularly gas, but said it was sensible to bring more liquefied natural gas (LNG) into the market and build more capacity for liquefaction and regasification, as well as look at greater pipeline supply from Scandinavia and North Africa.

He added, however, that the energy transition needs to be accelerated in the medium term:

“Because there is no way we can just bring more pipeline gas or bring more LNG and somehow replace all the Russian gas we currently consume. That is simply unfeasible. And I think we have to go significantly into energy conservation methods and strategies, which I think is also happening.”

Van Beurden also said he had been talking with European policymakers about the various levers that could be pulled and the consequences of doing so.

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