Anglo-Dutch oil giant Shell has announced that it will capitalize up to $6 billion annually in green energy after its oil output peaked in 2019, the group said.
The energy major charted extra cash for biofuels, electric car charging, and renewables and said the group's crude oil production was progressively declining.
"Shell today set out its strategy to accelerate its transformation into a provider of net-zero emissions energy products and services," it said in a declaration.
The company "established its expectation that total carbon emissions for the company peaked in 2018, and oil production peaked in 2019".
Energy companies globally are accelerating plans to transition into greener energy, which demands big investments at a time when the oil majors are looking to make substantial savings.
"Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers, and wider society," Shell chief executive Ben van Beurden expressed.
"We must give our customers the products and services they want and need -- products that have the lowest environmental impact.
"At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society," van Beurden added.