Anglo-Dutch energy concern Shell will no longer make major investments in solar or wind energy, CEO Jeroen van der Veer said at a ‘strategy update’ in London on Tuesday afternoon. ‘Do not expect solar, wind or hydrogen to grow within Shell,’ Van der Veer is reported as saying. Linda Cook, another board member, said investments would no longer be made in new technologies for sustainable power production because these have low returns, reports the Dutch journal Financieele Dagblad.

Shell has invested $1.7bn in renewable energy over the last five years. The company is currently building a large off-shore windpark at Egmond together with the Dutch energy concern Nuon.

The company said it will now focus on bio fuels.