In a week where its stock price has popped by 16.5% off the back of promising Covid-19 vaccines, Shell has continued to indicate that the problem for the oil and gas majors is far more deeply rooted. The Dutch supermajor this week announced that it would close down its refinery in Convent, Louisiana, after failing to find a buyer for the plant that pumps out over 210,000 barrels of oil per day – over 5% of Shell’s total output. Announcements surrounding the closure all suggest this is part of Shell’s long-term plan to transition itself towards low carbon energy production, aiming to reach net zero emissions (Scope 1&2) by 2050. The company cites its strategy to now invest in a…