Reuters | Shell weakened its 2030 carbon reduction target and scrapped a 2035 objective, citing expectations for lower power sales and strong demand for gas in the energy transition even as it affirmed a plan to cut emissions to net zero by 2050.
The changes to the targets are a central pillar in CEO Wael Sawan’s strategy revamp to focus on higher-margin projects, steady oil output and growth in production of natural gas in order to boost returns.
[…]Mark van Baal, founder of activist shareholder group Follow This which co-filed a climate resolution at Shell’s upcoming annual general meeting, said that “with this backtrack, Shell bets on the failure of the Paris Climate Agreement which requires almost halving emissions this decade”.
Shell also faces legal challenges over its climate strategy and is appealing against a landmark Dutch court ruling that ordered it to cut its emissions faster.
As part of the strategy, Shell has started company-wide staff reductions, including in its low-carbon solutions division, in a drive to save up to $3 billion.
