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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:
🗞️ Driving the news: Ben van Beurden, former CEO of Shell, has joined private equity firm KKR as a senior adviser to assist in energy transition investments
• This marks his first corporate engagement since his departure from Shell at the end of 2022
🔭 The context: Van Beurden brings extensive experience from his nearly four-decade tenure at Shell, where he spearheaded major initiatives like the acquisition of BG Group and the establishment of Shell's initial climate objectives
• His new role at KKR focuses on guiding the firm's new global climate strategy within its infrastructure investment unit
🌍 Why it matters for the planet: KKR aims to shift from a fossil-fuel-based economy to cleaner energy sources, with investments already totaling $15bn in sectors like EV charging and solar power
• Van Beurden's expertise is seen as pivotal in navigating this transition, potentially influencing broader shifts in energy consumption and supply methods
⏭️ What's next: With ongoing capital raising for its global climate strategy, KKR is expected to expand its investments in renewable energy and sustainable infrastructure, further shaping the future landscape of global energy markets
💬 One quote: "The more I get exposed to private equity, the more that I believe that this is a really crucial part of the overall societal puzzle to get right," - Ben van Beurden.
📈 One stat: KKR's infrastructure investment unit, integral to these efforts, manages $59 billion in assets.
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