Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday.
The decision to downsize follows Shell's failure to secure a grant from the $7 billion of federal funding to develop hydrogen energy, which was distributed earlier this month. The job cuts are a part of a broader overhaul by Shell CEO Wael Sawan, who took the helm in January, bullish on the company's ability to decarbonize, despite the fact that its bottom line still relies on its oil and gas output. The decision to downsize also follows Shell's failure to secure a grant from theShell had applied for the funding with a hydrogen hub in Louisiana but was ultimately not on the list of seven hubs that received a grant this round.
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