Shell sticks to net zero target regardless of progress by society

British energy major Shell will work towards net zero emissions by 2050 regardless of progress by its stakeholders and the industry, the company said in a strategy document released on Wednesday.

Detailing the company’s progress over the past year, Shell said in the Energy Transition Progress Report 2021 that it would abide by its original goal of becoming a net-zero greenhouse gas emissions business by 2050, and that its Scope 1 and 2 emissions from operations had decreased by 18 percent between 2016 and 2021.

Shell had said earlier it would hit a net zero target in 2050 “in step with society and our customers”. Shell said in the report it aims to reduce Scope 1 and 2 emissions by 50 percent by 2030.

“In a time of great uncertainty, it is vital that our long-term energy transition strategy remains on track,” Ben van Beurden, Shell’s Chief Executive Officer, said in a statement. “This report shows the strong progress we have made towards our target to become a net-zero emissions energy business by 2050.”

The progress includes critical investment decisions in the production of low-carbon fuels, solar and wind power, and hydrogen, and significant changes to Shell’s upstream and refinery portfolios, the company said. Shell also simplified its share structure and moved its headquarters to the UK from the Netherlands.

Shell continued to work with customers across sectors last year, from aviation to marine and road freight, forming more than 50 collaborations with other leading companies, it said.

The company also achieved its short-term target to reduce the net carbon intensity of the energy products it sells by 2-3 percent by the end of 2021, compared with 2016, and was working towards a 9-12 percent reduction in net carbon intensity by 2024.

“We are helping our customers to identify and use low- and zero-carbon alternatives to the energy products they have used for many decades,” Andrew Mackenzie, Shell Chairperson, said in a statement. “We see great business opportunities for Shell in the fast-growing low- and zero-carbon markets where we are well positioned to provide the different products and solutions our customers need,” he said.