Shell doubles down on climate change targets and will invest more in oil and gas

News flash

  • Fossil fuel giant and major carbon emitter, Shell, has updated their Energy Transition Strategy
  • They have abandoned their 45% reduction in net carbon intensity target for 2035 and weakened their goals 2030 by setting new targets for the total “net carbon intensity” of all the energy products they sell to customers from 20% to 15-20%.
  • They cite uncertainty in the pace of change in the energy transition.

Wael Sawan, Shell’s head of strategy, says that the change reflects “a strategic shift” to focus less on selling electricity, including renewable power. Instead, the company says investment in oil and gas “will be needed” due to sustained demand for fossil fuels. It emphasises the importance of liquified natural gas (LNG) as “critical” for the energy transition and says it will grow its LNG business by up to 30% by 2030.

Link to their full announcement HERE

Author: Bryan Groenendaal

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