Shell’s lack of ambition is maddening: it’s time to speed up transition to renewables

Even on the company's broader metric, the greener stuff came out at only one-third of total expenditure

The chief executive has changed at Shell but the song remains the same. The energy transition will be balanced" and we intend to remain disciplined while delivering compelling shareholder returns," declared Wael Sawan. Translation: the company will not use the sudden arrival of spectacular financial riches to boost spending on renewables.

Being disciplined" is, of course, an admirable ambition when presented starkly and without context. No chief executive of any company is ever likely to tell investors that the plan is to take wild punts on projects with little prospect of a decent return. But there is a world of nuance between the extremes.