CEO of Royal Dutch Shell Plc, Ben Van Beurden, told Bloomberg in a televised interview that he is ditching ICE vehicles and buying an electric vehicle, all be it a plug-in hybrid Mercedes Benz S500e. The companies CFO already owns a BMW i3. Mr. Van Beurden said “The whole move to electrify the economy, electrify mobility in places like northwest Europe, in the U.S., even in China, is a good thing. We need to be at a much higher degree of electric vehicle penetration — or hydrogen vehicles or gas vehicles — if we want to stay within the 2-degrees Celsius outcome.” He went on saying “If policies and innovation really work well, I can see liquids peaking in demand in the early 2030s and maybe oil will peak a little bit earlier if there’s a lot of biofuels coming into the mix as well.”

The statement comes in the wake of the UK Government’s announcement that it will ban the sale of ICE and PHEV from 2040, joining countries like France, India, and Norway in such a move.

Shell is preparing itself for the shift away from fossil fuels by spending $1 Billion a year in its New Energies business unit.