Shell’s CEO says $1 trillion a year each needed for renewables and fossil fuel

In the Netherlands, Shell’s CEO says it would take an unprecedented level of investment by oil and gas companies of around $1 trillion per year in renewable energy to achieve the climate change goals agreed to during COP21 in Paris in December but that growing demand for fossil fuels in emerging economies would require a similar level of investment annually in oil and gas. The company understands it needs to shift towards renewables but says doing so too quickly would destroy the company. On Tuesday, 97% of shareholders voted against investing profits to become a renewable energy company.