Oil giant Shell is to launch a “New Energies” division to invest in wind power and other forms of renewable energy.

The new business unit will also bring together its existing biofuels, electrical and hydrogen operations.

Shell has invested $1.7 billion (£1.1bn) in the new division.

The company’s budget for exploring and developing new energy opportunities is currently $200 million a year.

‘Exciting and fast-moving landscape’

Shell Chief Executive Ben van Beurden said: “Shell has invested in renewables, such as wind, solar and biofuels for many years but New Energies is more than traditional renewables.

“The theme spans the digital revolution, more electrification, especially in transport, more customers with more choice on energy mix.

“It’s an exciting and fast-moving landscape. We’ve made the decision that Shell will build on its existing foundations in renewables and put a lot more emphasis on New Energies.”

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