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Why oil giant Shell announced it will invest $1 Billion in clean energy

Even oil companies understand that solar is the future.

The massive oil conglomerate is pumping money into renewable energy.

On Monday, Shell CEO Ben Van Beurden said that the company plans to spend as much as $1 billion per year on its New Energies division that will focus on developing projects like hydrogen fuel-cells and next generation biofuels.

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According to Bloomberg, Van Beurden also noted the most important development in clean energy — that the costs for creating wind and solar power are falling dramatically. “All of this is good news for the world and must accelerate,” Van Beurden said.

Renewable energy is becoming so cheap, in fact, that analysts predict that the U.S. will hit carbon emissions targets set by the Paris Accords even after President Donald Trump’s decision to withdraw.

Most of the time, the conversation around renewable energy centers around giant Tesla batteries in Australia or developed nations investing in solar, but the real opportunity for change will come parts of the developing world.

Fossil fuel companies know better than anyone that their primary product — refined petroleum — is a finite resource. While many of them are funneling resources to climate change denialism, they also realize that there’s a tremendous amount of money to be made in renewable energy.

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In the developing world, Van Beurden is saying that putting resources toward new energies could win over millions of new customers with growing energy demands, ensuring future revenue streams for the company. If the environment gets a little better as a side effect, well, that’s just a bonus.

Source: Inverse Innovation

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