Oil giant Shell has announced its plan to join other oil supermajors in cutting greenhouse gas emissions, with the long-term aim of reaching net-zero emission by 2050. Both Eni and BP have also made commitments this year to reducing their emissions.
Ben van Beurden, Shell’s CEO, said:
“Society’s expectations have shifted quickly in the debate around climate change. 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. Society, and our customers, expect nothing less.”
He added that even when facing short-term challenges, such as the ongoing pandemic’s effect on the oil markets, Shell needs to maintain its focus on its long-term goals. The goal of net-zero emissions is one of the sector’s most ambitious, and it builds upon previous commitments to reduce the company’s carbon footprint. Last year, van Beurden called on firms to collaborate on addressing climate change in a timelier manner, adding that moving toward net-zero emissions was the only option.
Shell, which is also a major manufacturer of derived products like transmission oil, says it will cooperate with the users of its fuels to find ways to reduce their emissions.
Many oil companies are increasingly turning their attention toward renewable energy. For example, the Italian oil company Eni is focussing its long-term goals on new technologies, renewable energy, and natural gas in line with its expectation that oil demand will begin to decline after 2025.