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Shell says oil sector needs to invest trillions even within climate limits

Reuters - UK Focus

THE HAGUE, May 24 (Reuters) - The oil and gas industry will need to invest up to $1 trillion per year even within the limits of the U.N.-backed goal of curbing global warming to 2 degrees, Royal Dutch Shell (Xetra: A0ET6Q - news) 's chief executive said on Tuesday.

"If collectively we find a way to stay within the 2 degree (Celsius limit), we will still need significant investment in oil and gas. I am not talking about a few millions, I am talking about up to a trillion dollars every year that industry has to invest just to stay within 2 degrees in oil and gas," Ben van Beurden said at the company's annual shareholder meeting in The Hague.

Major Shell shareholders, including Dutch pension fund PGGM, have criticised the company's climate change policy in recent years, saying it should focus more on renewable energy. (Reporting by Ron Bousso; Editing by Mark Potter)