Royal Dutch Shell, Europe’s largest oil company, pledged Tuesday to increase its investment in renewable fuels and cut its carbon dioxide emissions 20 percent by 2035 and in half by 2050.

Ben van Beurden, Shell’s chief executive, said the company will spend up to $2 billion a year from 2018 to 2020 on renewable energy sources such as wind, solar, and hydrogen power, as well as on charging stations for electric vehicles. He made the comments to the company’s investors, the New York Times reported.