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.”

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