Environment

Shell will cut 200 jobs in clean energy division

Published

2 years ago

October 25, 2023

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An employee handles a pump at a hydrogen refueling point at a Royal Dutch Shell gas station in Berlin on Aug. 25, 2021.

Krisztian Bocsi | Bloomberg | Getty Images

Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday.

The company’s low-carbon division helps spearhead Shell’s transition to clean energy including hydrogen, given its pledge to become a “net-zero emissions energy business” by 2050. The company will switch some of the jobs in question to other divisions within Shell’s more than 90,000 employee workforce, and an additional 130 roles will be put “under review” throughout 2024, said the spokesperson.

The job cuts are a part of a broader overhaul by Shell CEO Wael Sawan, who took the helm in January, bullish on the company’s ability to decarbonize, despite the fact that its bottom line still relies on its oil and gas output. The decision to downsize also follows Shell’s failure to secure a grant from the $7 billion of federal funding to develop hydrogen energy, which was distributed earlier this month.

Shell had applied for the funding with a hydrogen hub in Louisiana but was ultimately not on the list of seven hubs that received a grant this round. The company said it is still waiting for a formal explanation from the Department of Energy on why its Louisiana hub was not selected.

In the meantime, according to the spokesperson, Shell is planning $10 billion to $15 billion of low-carbon energy investment over the next two years, which will include biofuels, hydrogen, carbon capture and electric vehicle charging. Last July, the company announced its investment in the creation of one of Europe’s largest hydrogen energy plants.

In June, the company announced it would maintain its levels of oil production through 2030 to boost investor confidence as its renewables sagged.

“We will invest in the models that work — those with the highest returns that play to our strengths,” Sawan said at the time, six months into the role.

Shell, along with many major oil companies, has come under fire for its role in perpetuating climate change. It has been sued in the past for its failure to keep up with the climate goals outlined in the Paris Agreement. The company is also currently among the oil giants California is suing for allegedly deceiving the public about the realities of climate change.

The question of how big oil companies such as Shell can fit into a clean energy future is existential for its business. Competitors such as Exxon Mobil and Chevron recently doubled down on their commitments to fossil fuels with two major oil acquisitions.

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Environment

China overhauls EV charging: 100,000 ultra-fast public stations by 2027

Published

7 hours ago

July 9, 2025

admin

China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

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Environment

Two charged in $650 million global crypto scam that promised 300% returns

Published

9 hours ago

July 8, 2025

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

Published

10 hours ago

July 8, 2025

admin

Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

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