UK-based energy company Shell has released its latest Energy Transition Progress Report to document the progress it made in reducing its emissions footprint in 2022.
The recently appointed CEO of Shell, Wael Sawan, said the report documented how the company was moving closer to its target of becoming a net-zero energy business by 2050:
“…as we continue to supply the vital energy the world needs during a time of great volatility. I am especially proud of the progress we have made in reducing carbon emissions from our operations, with a 30% reduction by the end of 2022 compared with 2016 on a net basis.”
Shell, which makes the Corena range of compressor oil, also reported good progress in reducing its emission intensity. Based on the International Energy Agency’s data, the global energy system reduced its net carbon intensity by 2% between 2016 and 2022, but Shell managed to almost double this reduction to 3.8% for its energy products.
The report also highlights the steps the company is taking to progress further in the energy transition, such as investing in liquefied natural gas, which will likely be used for some years to come as a cleaner alternative to diesel and coal for transport and power generation. It also recently completed its $2 billion acquisition of the renewable natural gas producer Nature Energy, and made a final investment decision to build the largest plant in Europe for renewable hydrogen production. It also added a further 86,000 charging points for electric vehicles in 2022, a rise of 62% on 2021.