Shell CEO Wael Sawan said energy giant is boosting oil and gas production to book near-term profits, but it's also building EV charging stations in China.
One area that Shell is "leaning further heavily into" is building charging stations for electric vehicles, especially in Asia, Sawan said.
"We have today, 46,000 retail sites around the world," Sawan said. "There's a lot of adjacencies because you can then just put chargers in the same locations where you are selling to internal combustion engines.""Actually in China, we're seeing our EV charging customers come in twice as much as our internal combustion engine customers coming in," Sawan told CNBC.
Indeed, sales of EVs in China were 3.3 million in 2021, which is three times the number of EVs sold in 2020, according to. Europe is the next largest EV market, according to the IEA. The public charging infrastructure is especially in high demand in China because of the country's residence increasing preference for EVs and also because many of the residents of China, and other Asian countries as well, who are buying EVs live in high rise buildings, not homes where it is possible to have a personal charging set-up, Sawan said.
The second area of low-carbon investment for Shell is biofuels, which are made from organic and waste materials and then are mixed with gasoline. Demand for biofuels is being driven by
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