Shell accelerates drive for net zero emissions

Shell has set out its strategy to accelerate its transformation into a provider of net zero emissions energy products and services.
The global oil company confirmed that its total carbon emissions peaked in 2018 and oil production peaked in 2019.
“Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society,” said Royal Dutch Shell CEO Ben van Beurden.
“We must give our customers the products and services they want and need – products that have the lowest environmental impact. At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society.
“Whether our customers are motorists, households or businesses, we will use our global scale and trusted brand to grow in markets where demand for cleaner products and services is strongest, delivering more predictable cash flows and generating higher returns.”
Shell set out details of how it will achieve its target to be a net-zero emissions energy business by 2050.
This includes a new set of targets to reduce its net carbon intensity of 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050.