It’s probably better for shell investors if shell focuses on what they are good at and returns the profits to shareholders who can then invest in whatever they want. The goal of a corporation from a shareholder pov is not to maximise total enterprise value but rather to maximise the time value of money that shareholders receive.

Shell should only be investing in renewables if they have a durable competitive advantage in doing so over the other investment options of their shareholders.

Renewables have generally been horrible investments for these energy companies btw which is one reason they have been reversing course.