NationofChange
Shellâs ‘delusional’ net zero strategy commits $8 billion to fossil fuels
âShellâs comprehensive carbon management approachâ is yet another proof of the little interest that this polluting company has to reduce its emissions.â
Shellâs new net zero strategy is âgrotesqueâ and includes an âimpossibleâ reliance on tree-planting, campaigners have claimed.
The oil major today revealed an âacceleratedâ strategy to reduce oil production and decarbonize its products by 2050.
Shellâs oil production peaked in 2019, the company confirmed. Under
the new plans, oil and gas production would fall 55 percent by 2030,
with an âexpected gradual reductionâ in oil production of one to two
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.
Updated: February 11, 2021, 3:14 pm
(PA)
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Shell’s latest environmental ambitions put it in a category of mainly European oil giants that have committed to becoming emissions neutral, but the details fall short of its closest rival, according to campaigners.
Shell unveiled details on Thursday, months after fellow FTSE 100 firm BP set out its path towards net zero.
The Shell plan includes too little investment in green energy and only a gradual decline in oil production, Greenpeace said.
“BP’s plan is to extract less oil and gas to hit climate targets and increase investment in renewables capacity; Shell’s is to let production dwindle gradually as the industry declines, and to rely on impossible levels of tree-planting, without green energy production,” said Mel Evans, head of Greenpeace UK’s oil campaign.
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