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Thu, 16th Apr 2020 12:48:00 |
Shell unveils plans to become net-zero carbon company by 2050 |
Royal Dutch Shell plans to become a net zero-carbon company by 2050 or sooner by selling more green energy to help reduce the carbon intensity of its business.
Ben van Beurden, Shell's chief executive, said the company must focus on the long-term "even at this time of immediate challenge" caused by the Covid-19 pandemic.
"Society's expectations have shifted quickly in the debate around climate change. Shell now needs to go further with our own ambitions, which is why we aim to be a net-zero emissions energy business by 2050 or sooner. Society, and our customers, expect nothing less," he said.
Van Beurden told investors on Thursday that Shell would toughen its existing target to shrink the carbon intensity of its products by 50% within 30 years, to reach 65% by 2050. The plan includes an interim target to cut the so-called “scope 3” emissions by more than a third by 2030, up from 20% previously.
Shell's target relies on the oil and gas company shifting its business towards selling clean energy products such as renewable energy and biofuels, and working alongside its "net-zero" customers to also help offset the carbon impact too.
The oil giant said it plans to work with its customers, such as major airlines, to share the burden of offsetting the carbon from fossil fuel products which may still be in use by 2050, such as jet fuels.
Adam Matthews, a director on the Church of England Pensions Board, welcomed Shell's focus on helping to develop "net-zero pathways" for key sectors such as aviation which shape the demand for energy.
"Ultimately, it will be by developing and supporting net-zero pathways in these sectors that we will achieve the goals of the Paris agreement," he said.
Shell plans to offset its own emissions by trapping as much carbon as its business operations cause through new carbon capture technologies or through natural solutions such as planting trees.
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