Energy giant Royal Dutch Shell vowed to eliminate net carbon emissions by 2050, raising its ambition from previous targets, as its oil output declines from a 2019 peak.
The Anglo-Dutch company is in the midst of its largest overhaul yet as it prepares to expand its renewables and low-carbon business in the face of growing investor pressure on the oil and gas sector to battle climate change.
Shell last year laid out a plan to reach net zero by 2050, in line with the Paris climate agreement and European Union ambitions, but it said the goal depended on its customers.
In a strategy update on February 11, Shell outlined plans to curb its emissions through rapid growth of its low-carbon businesses, including biofuels and hydrogen, although spending will stay tilted towards oil and gas in the near future.
“We will use our established strengths to build on our competitive portfolio as we make the transition,” CEO Ben van Beurden said in a statement.
Shell’s strategy is to remain reliant on its retail business, the world’s largest. It has a goal to increase the number of sites to 55,000 by 2025 from today’s 46,000 and increase the number of electric vehicle charging points to 500,000 from 60,000 now.
It did not outline plans to grow its solar and wind power generation capacity, marking a difference from rivals, such as BP and Total, which aim to boost their ownership of physical wind and solar farms.
Van Beurden said Shell aims to sell 560 terrawatt-hours of power a year by 2030, doubling current volumes, but said it was too early to say how much of this would come from its own capacity.
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February 21, 2021 at 06:58PM
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With oil past peak, Shell sharpens 2050 zero-emissions goal - Driving
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