Oil major to invest USD 300 million in projects to offset carbon footprint

British-Dutch oil major Shell will invest around USD 300 million in several environmental projects aiming to offset the company's carbon footprint.

Kirsty Wigglesworth/AP/Polfoto
Photo: Kirsty Wigglesworth/AP/Polfoto

Oil major Royal Dutch Shell plans to invest a large sum in reducing its CO2 footprint. The company will invest USD 300 million over the next three years in a range of environmental projects including reforestation, reports Bloomberg News.

Carbon offsets will take place through efforts such as offering gasoline customers in the Netherlands the chance to buy CO2 quotas while tanking at a Shell station. These quotas – purchased by consumers – will then be invested in carbon offset projects that can contribute to the oil giant's climate change mitigation efforts. Customers tanking standard gasoline will be able to buy CO2 quotas for EUR 0.01 per liter.

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