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Shell achieves over 60% of its goal to cut emissions by end of 2023
Shell achieved by the end of 2023 more than 60% of its target to halve emissions from its operations by 2030, compared with 2016. This goes above and beyond the targets set by signatories to the Oil and Gas Decarbonization Charter agreed at COP28.
This came in Shell’s first energy transition update since the launch of its Powering Progress strategy in 2021.
The report said Shell continues to be an industry leader in reducing methane emissions. It was one of the first companies to set a target to achieve near-zero methane emissions by 2030. In 2023, Shell achieved 0.05% methane emissions intensity – significantly below our target of 0.2%. And in 2023 it also contributed to the World Bank’s Global Flaring and Methane Reduction Fund – further supporting industry-wide action to drive down methane emissions and flaring.
In 2023, Shell achieved its target to reduce the net carbon intensity of the energy products its sells, with a 6.3% reduction compared with 2016 – the third consecutive year it hit its target.
As Shell transforms into a net-zero emissions energy business, Shell aims to take the lead in the energy transition where it has competitive strengths, see strong customer demand, and identify clear regulatory support from governments. To help drive the decarbonization of the transport sector, It has set a new ambition to reduce customer emissions from the use of its oil products by 15-20% by 2030 compared with 2021.
Shell focuses on where we can add the most value has led to a strategic shift in its integrated power business. It plans to build our power business, including renewable power, in places including Australia, Europe, India and the USA, and have withdrawn from the supply of energy directly to homes in Europe.
In line with this shift to prioritizing value over volume in power, it will focus on select markets and segments. This includes selling more power to commercial customers, and less to retail customers. Given this focus on value, it expects lower total growth of power sales to 2030, which has led to an update to its net carbon intensity target.
Shell is now targeting a 15-20% reduction by 2030 in the net carbon intensity of the energy products it sells, compared with 2016, against its previous target of 20%.
It will continue to transparently report its progress against its targets and ambitions every year.
Shell is investing $10-15 billion between 2023 and the end of 2025 in low-carbon energy solutions, making us a significant investor in the energy transition. And in 2023, it invested $5.6 billion on low-carbon solutions, more than 23% of its total capital spending.
These investments include electric vehicle charging, biofuels, renewable power, hydrogen and carbon capture and storage.
Shell’s investments in new technologies are helping to reduce emissions for Shell and its customers. Shell aims to help scale new technologies to make them an affordable choice for its customers and is focusing its advocacy on key areas which it believes are critical to the energy transition: policies that support national net-zero ambitions including carbon pricing, supplying the secure energy the world needs, driving changes in demand and growing low-carbon solutions.
“Energy has made an incredible contribution to human development, allowing many people around the world to live more prosperous lives. Today, the world must meet growing demand for energy while tackling the urgent challenge of climate change. I am encouraged by the rapid progress in the energy transition in recent years in many countries and technologies, which reinforces my deep conviction in the direction of our strategy,” said Wael Sawan, Shell’s Chief Executive Officer.
“Shell has a very important role to play in providing the energy the world needs today, and in helping to build the low-carbon energy system of the future. Our focus on performance, discipline and simplification is driving clear choices about where we can have the greatest impact through the energy transition and create the most value for our investors and customers. We believe this focus makes it more, not less, likely that we will achieve our climate targets. By providing the different kinds of energy the world needs, we believe we are the investment case and the partner of choice through the energy transition,” said Sawan.
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