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A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell will shed up to 9,000 jobs as it undergoes a long-term restructuring around climate-friendly energy sources and continues to grapple with the coronavirus pandemic that has battered the oil industry.

Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.

  • Oil giants are shaking up their plans as they cut costs. For European-based majors, that means diversifying over time away from fossil fuels.
  • It follows BP's June announcement that it would cut its global workforce by 10,000 jobs, or 14%.

The state of play: Shell expects to reduce its workforce by somewhere between 7,000 and 9,000 jobs by the end of 2022, which it said will help achieve as much as $2.5 billion in annual savings.

  • "We have to be a simpler, more streamlined, more competitive organization that is more nimble and able to respond to customers," CEO Ben van Beurden said in a statement on Wednesday.
  • He added that the figure includes around 1,500 people who have "already agreed to take voluntary redundancy this year."

Go deeper

Ben Geman, author of Generate
Jan 7, 2021 - Politics & Policy

Solar shares' spikes signal new energy landscape in D.C.

Expand chart
Data: FactSet; Chart: Axios Visuals

There's a certain symmetry to a pair of energy sector developments Wednesday: Solar stocks jumped on a day that also brought hard evidence the oil industry has little interest in trying to drill in Alaska's Arctic National Wildlife Refuge.

The big picture: Solar and oil aren't really direct competitors, but both will be affected by the incoming Biden administration's policies and the speed of the global transition toward lower-carbon sources.

Tech firms' nightmare: Vanishing green cards

Illustration: Megan Robinson/Axios

Thousands of green cards are about to go to waste, leaving Google, Microsoft and other tech companies fuming — and pushing the Biden administration to ensure it doesn't happen again.

Why it matters: Tech workers have waited years for green cards that will grant them permanent legal status in the U.S. — but because of pandemic-related processing delays, they will have to wait even longer.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

White House moves against "super-pollutant" in climate fight

Photo: Kena Betancur/VIEWpress/Corbis via Getty Images

The EPA is finalizing rules today that cut powerful greenhouse gases used in air conditioning and refrigeration, part of a wider new White House strategy to deter these "super-pollutants" and boost manufacturing of substitutes.

Why it matters: The EPA regulation is the U.S. part of a planned global phase-down of chemicals called hydrofluorocarbons. The global phaseout can prevent up 0.5 °C of global warming by 2100, the White House said.