![]() ![]() The company also opts not to count some of its large fossil fuel trading operations. Despite the massive climate impacts of petrochemicals used for plastics, Shell’s Scope 3 net-zero target is limited to energy products – and entirely excludes its petrochemicals business, which supplies 17 million tonnes of chemicals per year. Shell’s targets are limited to its own ‘Net Carbon Footprint’ metric. The company says that it expects that its total emissions from energy products, in absolute terms, will stay below 2018 levels – but the world needs to reduce fossil fuel emissions well below 2018 levels. ![]() Campaigners criticise the company’s decision to select a 20% 2030 emissions intensity reduction target rather than a near-term absolute emissions reduction target as “ essentially kicking the difficult decisions into the long grass”. Instead, the gaps in Shell’s pledges permit continued fossil fuel sales for the next 14 years. More and quicker emissions reductions would be required to limit temperature rise to the Paris goal of 1.5☌ and to avert more climate harms to people and to the environment.Īlthough Shell has an ambition to reach net-zero by 2050 in absolute terms, Shell’s ‘intensity’ pledges for 20 are not the same as commitments to achieve near-term absolute reductions in fossil fuel business in line with climate science. In this scenario, total temperature rise is limited to 1.75☌ by 2100. The Benchmark estimates that over $3.9 billion of Shell’s 2019 capital expenditure on ‘upstream’ fossil fuel extraction and production, and 66% of the company’s future capital expenditure, conflict with the International Energy Agency’s ‘Beyond Two Degrees’ scenario. Shell is also scored ‘No’ for failing to disclose an aim to align its capital allocation (investments) with its targets, let alone with the Paris Agreement goal to limit global temperature rises to 1.5☌ above pre-industrial levels. Whilst the company believes its oil production peaked in 2019 and will decline slightly by 1-2% per year until 2030, the company wants to grow its fossil gas operations until this occupies over half of Shell’s energy business by 2030.ĭespite Shell’s climate pledges, the Climate Action 100+ Net Zero Company Benchmark finds that the company only meets some of the Benchmark’s targets criteria – Shell does not have both an ambition to reach ‘net-zero’ and net zero-aligned short, medium and long-term GHG reduction targets, which cover all its relevant emissions. Shell mentions “using lower-carbon energy products to reduce GHG emissions”, but the company’s plans include growing its fossil gas business by 20% in the coming years. Shell is still committed to exploring for new sources of oil and gas and does not have any plans to reduce the overall amount of oil and gas it produces by 2030, the date by which IPCC scenarios say emissions from oil, gas, and coal will need to have substantially reduced. ![]()
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