OIL giant Shell has told investors it plans to become a net-zero carbon company within the next 30 years by selling more green energy to reduce its carbon intensity.
CEO Ben van Beurden told investors yesterday the company had to focus on the long term, in what he called “extraordinary times”.
He said: “With the Covid-19 pandemic having a serious impact on people’s health and our economies, these are extraordinary times. Yet even at this time of immediate challenge, we must also maintain the focus on the long term.
“Society’s expectations have shifted quickly in the debate around climate change. Shell now needs to go further with our own ambitions, which is why we aim to be a net-zero emissions energy business by 2050 or sooner. Society, and our customers, expect nothing less.”
Van Beurden said Shell would raise its exiting target to shrink the carbon intensity of its products by 2050 from 50% to 65%, with an interim target of 30% by 2035 – up from around a fifth.
Achieving the targets depends on Shell’s business moving towards the selling of clean energy products such as biofuels and renewable energy. It also planned to work with customers such as major airlines to offset the carbon from fossil fuel products, such as jet fuels.
Peter Ferket, chief investment officer of Robeco, co-lead in the Climate Action 100+ dialogue with Shell, said it “raises the bar and sets out an approach for others in the oil and gas sector to follow”.
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