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Shell: Britain Is Less Attractive Than The U.S. For Energy Investment
The UK is less attractive than the United States for energy investment, due to the high windfall taxes on energy producers in Britain and the lack of incentives for clean energy investments similar in scale to the American provisions to boost green energy, Shell’s CEO Wael Sawan told The Times in an interview published on Monday.
The UK government should “take a page from some of the things that the US have done recently, through the Inflation Reduction Act,” Sawan told the newspaper.
The IRA has nearly $370 billion in climate and clean energy provisions, including investment and production credits for solar, wind, storage, critical minerals, funding for energy research, and credits for clean energy technology manufacturing such as wind turbines and solar panels.
The EU also seeks to bolster policies to support the EU’s clean technology manufacturing and preserve the bloc’s competitiveness in the face of the U.S. Inflation Reduction Act and massive subsidies in China.
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