Energy giant Shell’s decision to scale back on some of its climate emission reduction targets has been criticised as “alarming” by Greenpeace.
Shell warned it will slow the pace of its emission reduction today, in its latest energy transition strategy report. Specifically, the energy giant has said it now aims to cut carbon emission intensity of its products by between 15-20% by 2030.
It had previously said that carbon emission intensity would fall 20% from 2016 levels to 2030, and then 45% by 2035 and to net zero by 2050. Shell said it was axing the 2035 target altogether.
The energy giant cited expectations for lower renewable sales and strong demand for gas, as reasons for diluting the targets.
Wael Sawan, Shell’s chief executive, said: “A balanced energy transition, which Shell supports, is one that maintains secure and affordable energy supplies, while the world builds the clean energy system of the future.”
“Billions of people depend on energy and hundreds of millions still hope to have access to it. Energy is vital for lives everywhere.”
The slowdown of the pace of its emissions comes amid climate scientists warning of an impending climate disaster unless corporates and governments take stark action.
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Greenpeace campaigner Philip Evans said: “Wael Sawan’s decision to further weaken Shell’s already wafer thin net zero commitments should come as no surprise, but with floods, fires and climate chaos raging around the world it is all the more alarming.
“Since taking over last year, Sawan has doubled down on fossil fuels while ruthlessly slashing jobs and investment from Shell’s renewables division – and personally pocketed a tidy £8 million for his trouble.
“Shell knows better than anyone that the fossil fuel party is coming to a close and is trying to squeeze out every last drop of profit before the band is pushed off stage.
“We need bold action from our leaders to force the industry to stop drilling for new oil and gas and start paying for the damage it is causing around the world, but the UK government seems hell bent on backing the wrong horse.”
Last month, campaigners slammed Shell for upping shareholder dividends as the firm announced a £22.4 billion profit for 2023.
In January this year, Shell investors urged the oil and gas company to set “credible” scope 3 reduction targets in line the 2015 Paris agreement.
