Energy firm Shell has set out its net-zero emissions energy strategy, as it claims its total carbon emissions peaked in 2018.
Shell, which also said its oil production peaked in 2019, said it would take a ‘comprehensive carbon management approach’ to become net-zero by 2050. The target covers the emissions from its operations and the emissions from the use of all the energy products it sells too.
To achieve net-zero, Shell will grow its EV charging network from more than 60,000 charge points to around 500,000 by 2025. It will also aim to sell 560 terawatt hours a year by 2030 – twice as much electricity as it currently sells.
Shell will also extend its biofuels business working with Raizen on low-carbon fuels from sugar cane – and increasing bioethanol production capacity by 50%, to 3.75 billion litres a year.
Hydrogen is also being grown with integrated hydrogen hubs to serve industry and heavy-duty transport, aiming to achieve double-digit share of global clean hydrogen sales, it said.
It will deliver short-term targets to drive down carbon emissions including reducing net carbon intensity by 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050.
It will seek to have access to an additional 25 million tonnes a year of carbon, capture and storage (CCS) capacity by 2035 and use nature-based solutions to offset emissions of around 120 million tonnes a year by 2030. Starting at its 2021 AGM, the firm will submit an Energy Transition Plan for an advisory vote to shareholders, which will be updated every three years.
Royal Dutch Shell chief executive officer, Ben van Beurden, said: “Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society.
“We must give our customers the products and services they want and need – products that have the lowest environmental impact. At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society.
“Whether our customers are motorists, households or businesses, we will use our global scale and trusted brand to grow in markets where demand for cleaner products and services is strongest, delivering more predictable cash flows and generating higher returns.”
- Image from Shell media centre