Shell intends to invest heavily in its “transition pillar” as part of plans to make the business green, pouring up to twice as much money into natural gas as into renewable energy.
The oil giant said that it would invest around 4 billion US dollars (£2.9 billion) every year to allow it to add another 7 million tonnes of liquid natural gas production to its capacity by 2025.
The company will also invest around 8 billion dollars in exploration of new oil and gas every year.
The plans were laid out in a “drive for net-zero emissions” which aims to ensure Shell is emissions neutral by the middle of the decade.
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By Gail Moss2021-02-11T15:10:00+00:00
Royal Dutch Shell has set out details of how it plans to achieve its target of net-zero emissions by 2050, with shareholders given the right to an advisory vote on its transition plan from this year’s annual general meeting (AGM).
In a strategy update published today, the oil and gas major said it was confirming its expectation that total carbon emissions for the company peaked in 2018, and that total oil production peaked in 2019.
Shell said it had set new targets for reducing net carbon intensity: 6-8% by 2030, 20% by 2030, 45% by 2035, and then 100% by 2050, using a baseline of 2016.