Rolling coverage of the latest economic and financial news
- Introduction: Shell to cut 10% of workforce
- Up to 9,000 jobs to go by 2022
- Cost-cutting plan will help push to net-zero
Shell chief Ben van Beurden is also pledging to push governments and regulators towards a low-carbon future.
In an article outlining his net-zero strategy, and the sweeping job cuts, van Beurden says:
We simply have to be better at making decarbonisation a reality in society and that means having a loud, clear voice. If we want to make hydrogen happen, for example, it is not going to be by just building the infrastructure and seeing what happens next. It is going to be by working with decision makers and policy makers so we can find ways forward: what legislation and standards need to be put in place, what bottlenecks need to be cleared.
We cannot just be quiet. If we stay quiet we risk ending up saying: “Well, I am sorry, it didn’t happen because we failed to speak up.” We have to be proactive and help things happen.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
We start with some breaking news — oil giant Royal Dutch Shell is cutting up to 9,000 jobs as it overhauls its operations towards greener energy sources.
It is very painful to know that you will end up saying goodbye to quite a few good people. I know I, and many others in Shell, will be saying goodbye to people we know well and really like and who have great loyalty to the company. But we are doing this because we have to, because it is the right thing to do for the future of the company.
We have to be a simpler, more streamlined, more competitive organisation that is more nimble and able to respond to customers.
COVID-19 has shown we can work very effectively in ways we did not think we were ready for yet. But a large part of the cost saving for Shell will come from having fewer people.
We do not have an exact figure because the details are still being worked out, and we have never had a target to reduce a particular number of jobs. But we can say that, because of the efficiencies we expect to gain, we will reduce between 7,000 and 9,000 jobs by the end of 2022.
Shell has warned of 7,000 to 9,000 job losses globally by the end of 2022
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