In its most recent report on transition progress, Shell says it has made solid progress to becoming a net-zero emissions business by 2050 despite the disruption caused by the war in Ukraine.
Taking 2016 levels as the baseline, the report says the scope one and two emissions of Shell had reduced by 18% at the end of last year. Shell pointed out how this compares well with a 2.4% global rise in CO2 emissions related to fossil fuels and energy over the same period. Shell’s intermediate target is to achieve a 50% reduction by the end of this decade.
Ben van Beurden, the CEO of Shell, said about the report:
“In a time of great uncertainty, it is vital that our long-term energy transition strategy remains on track. This report shows the strong progress we have made towards our target to become a net-zero emissions energy business by 2050.”
Shell is in the process of decarbonising many of its businesses. It has, for example, launched carbon neutral versions of many lubricant products, such as for as the Shell Naturelle grease and gear fluids. The company plans for zero- and low-carbon services and products—such as charging for electric vehicles, lubricants and chemicals, hydrogen, carbon capture and storages, and nature-based solutions—to account for a third of its expenditure going forward, with this rising to about half by 2025.
Regarding the Dutch court ruling that ordered Shell to accelerate its decarbonisation, which the company is appealing, the report argues that the company by itself cannot determine its customers’ energy habits.
