Former Shell (LON:SHEL) chief executive officer Ben van Beurden will join private equity group KKR as a senior advisor on green investments, reports say.
According to an article in the Financial Times, Mr van Beurden started with KKR within its infrastructure investment unit on a part-time basis in January, and will advise the investment group on its global climate strategy.
The position marks his first corporate role since retiring from the oil and gas major, who previously said that he planned to include more golf and travel in his retirement.
The Financial Times quoted Mr Van Beurden as saying: “There are quite a few things you could do in that space that are easier and more logical to do with private capital than it is with public capital.
“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 stepped down as Shell CEO at the end of 2022, marking the end of nearly a decade at the helm of the oil supermajor.
He had previously led Shell’s drive towards biofuels, hydrogen and renewables, setting Shell’s first climate targets.
This included being the first oil major chief executive to target cutting the carbon intensity of the company’s products in 2017.
KKR is looking to invest in sectors that help drive the energy transition, including potential areas like vehicle electrification, hydrogen consumption and battery systems.
According to the Financial Times, the group has invested $15bn into the energy transition. This includes a $750mn investment in London-based EV charging network Zenobe.
The newspaper quoted KKR’s head of North American infrastructure Brandon Freiman as adding that Mr Van Beurden “really led Shell’s work during his tenure as CEO on transitioning it across oil and gas, renewables, sustainable aviation and transportation”.
