Oil demand drop pushes fuel firms to electricity and hydrogen

Royal Dutch Shell will cut 7000 to 9000 jobs from its 83,000 global employees because of the COVID-19 pandemic and a slump in oil demand.

The company expects third-quarter earnings to be at the lower end of the US$800 million to US$875 million range, according to the BBC.

Shell intends to reach net zero carbon by 2050 through selling more green energy to reduce its carbon emissions, and it plans to offset CO2 emissions from its own oil and gas production by 2050.

The plan includes an interim target to cut emissions by more than 33% by 2030, Electrek reports.

Shell aims to sell mainly low-carbon electricity, hydrogen and low-carbon biofuels by 2050, chief executive Ben van Beurden says.

It also plans to use hydrogen fuel cells and liquified natural gas to get its shipping business off heavy fuel oil.

Meanwhile, French oil giant Total has acquired London’s largest EV charging network, Source London, with more than 1600 street charging points.

The City of London aims to become carbon neutral by 2050, planning to increase the amount of EV charge points tenfold within five years.

EV owners can park and charge at the same time, reserving their spot through the Source London mobile app.

Source London’s EV charging network will continue to be powered by 100% renewable electricity, through Total Gas & Power.

Total says its move supports electric mobility expansion in London and it aims to have more than 150,000 EV chargers in European cities by 2025.

Extracted from EV Talk

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