Shell invests in offshore wind power with Eolfi acquisition
Shell has announced it...
As part of Shell’s New Energies division it has made a deal to develop floating offshore wind farms off the coast of France.
Shell has announced its acquisition of Eolfi, a floating offshore wind power developer based in France. The deal reinforces Shell’s expansion into sustainable power production and is expected to be completed by the end of December 2019. This will see Eolfi become an integrated subsidiary of Shell’s New Energies division after the deal is completed and passed by regulatory authorities.
Shell has stated it wishes to take up opportunities for further development within the fixed-bottom offshore wind farms market, with sites off the French coast. A recent unsuccessful bid to acquire the tender for a 750MW wind project off the coast of Dunkirk proceeded the recent bid for Eolfi. During the Dunkirk bid Shell competed with the likes of EDF Renewables, Equinor and Innogy to bring the operation into its US$2.bn investment plan to establish the New Energies division.
Under the new deal with Eolfi, Shell will be able to contribute it’s experience and expertise towards the success of these future projects. Speaking on that experience, Charles O. Holliday, Chair of the Board, Shell, says, "We are preparing for the future by using those strengths while investing in new areas of energy, whether that is wind or solar power, charging points for electric vehicles or lower-carbon biofuels."
Eolfi has already developed five onshore wind and solar projects in five countries and is currently investing in a three-turbine floating offshore wind pilot project along the coast of Brittany and has plans to develop five more 500MW sites off the coast of Taiwan, in collaboration with Cobra Concersiones.
The deal will not see any jobs relocated or lost after its completion, according to Dorine Bosman, a spokeswoman for Eolfi. Speaking on the deal Bosmans says, "Eolfi has been a pioneer of floating wind development.” Bosman adds, "We believe the union of Eolfi’s expertise and portfolio with Shell’s resources and ability to scale-up will help make electricity a significant business for Shell."
Moody’s diversity, equity and inclusion report 2020
Financial services company Moody’s is headquartered in New York and has a revenue of $417m. The company has made significant progress on its environmental sustainability and DE&I commitments through 2020, from exceeding its climate promises to meeting the growing global demand for ESG capabilities from consumers.
At Moody’s, diversity is strength
The 15 page document reviews the company’s diversity and inclusion journey to date, race, ethnicity and gender data and investments in black equity.
“The work of breaking down barriers for underrepresented groups in the workplace, in finance and in society starts with advancing Black culture”, said DK Bartley, Chief Diversity Officer. “This year, we’re proud to have pledged $2.2 million to support the Black communities where we live and work – and close the gap in finance and tech.”
Across its many offices, the message of welcoming every demographic of employees is clear.
“The best thing about working at Moody’s is the culture of collaboration between people of different backgrounds and cultures – seeing that in action really drives home the message that diversity is our strength”, Ronald Chan, Assistant Vice President, Government & Public Affairs, and Co-Chair of Moody’s LGBTA BRG (APAC).
According to the report, 33% of Moody’s executives are women, a 7% increase from 2018 and 33% of senior management are women.
“Moody’s commitment to promoting inclusivity is exhibited through the culture, development and services we have in place to support women, people of colour and LGBTQ+”, Melanie Hughes, Chief Human Resources Officer. “We invest in this because we believe it is essential for everyone’s success.”
Satisfied customers and partners have seen that Moody’s commitment to diversity and inclusion is not just a PR stunt.
“During our partnership, Moody’s has supported various research projects and initiatives that explore challenges and promote solutions to issues businesses face when establishing DE&I best practices. We look forward to our continued partnership with Moody’s to advance inclusive workplaces in the region.”
Peter Sargant, CEO, Community Business, Diversity and Inclusion in Asia Network (DIAN).
Moody’s continues to improve representation
Moody’s holds its suppliers to the same high standard as itself, ensuring suppliers embody similar principles. The Supplier Diversity programme at Moody’s provides businesses owned by underrepresented groups with equal access to opportunities to conduct business with Moody’s.
Moody’s recently pledged 5% of its 2021 procurement budget toward integrating women-owned businesses into its supply chain.
“We know Moody’s has an important role in improving representation in the financial sector, and now is the time”, concluded DK Bartley. “Moody’s is continuing on the road to becoming a more diverse and inclusive company.”