Shell unveils ‘accelerated’ net zero strategy, confirms oil production peaked in 2019

EnergyVoice | Mark van Baal, head of the Follow This activist investor group, said it was “worrisome that $8 billion (one third) will still go to exploration and production of more fossil fuels”.

Shell also now issued targets to reduce the “carbon intensity” of its operations by 6-8% by 2023, 20% by 2030 and 45% by 2035, and 100% by 2050, linking those goals to the pay of 16,500 staff.

However, Mr van Baal said: “A 20% decrease in net carbon intensity doesn’t mean anything if it doesn’t lead to absolute emission reductions.”

“When Shell grows its business by the same percentage, absolute emissions will hardly decrease.”

Read the entire article in EnergyVoice

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