Oil and gas giant Shell plans to become carbon neutral by mid-century, announcing its ambition to eliminate by 2050 all scope one and two emissions in making its products.
Expanding its clean storage and e-mobility services is the route Shell sees to achieving deeper cuts in net emissions from the products it sells.
Per its plan, these must fall 65 per cent by 2050, up from 50 per cent announced last year. Around half of the fall must be reached by 2035, CEO Ben van Beurden told investors.
A ‘pivot’ towards selling more by 2050 to businesses themselves operating at net zero emissions completes the firm’s list.
“Shell now needs to go further with our own ambitions, which is why we aim to be a net-zero emissions energy business by 2050 or sooner” said van Beurden. “Society, and our customers, expect nothing less”.
Identified by researchers as the world’s seventh-biggest carbon emitting corporation, Shell has outlined plans to become the world’s biggest power company within a decade.
It has recently re-entered the UK industrial and commercial energy retail market as well as the domestic sector, while spending big in clean tech, acquiring firms including flexibility provider Limejump, battery aggregators sonnen plus EV charging company New Motion. On Buying First Utility, it amassed sufficient renewable energy certificates to switch all customers to ‘clean’ power overnight, despite some scepticism.
In the same vein, green campaigners remain sceptical around the heavy carbon offsetting that may be needed to reach Shell’s ambitions. Commentators noted too that Shell’s Scope Three emissions are not covered under its current approach.
However, the oil major cited praise for its stance from sustainable investors the Church of England and pressure group Climate Action 100+.
More detail here.