July 14, 2024
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OIL & GAS RENEWABLE ENERGY

Shell Revises Carbon Emission Intensity Targets

Shell announced on Thursday a revision to its target for reducing the intensity of its overall carbon emissions by 2030, attributing the adjustment to anticipated decreases in power sales.

The British energy giant reiterated its commitment to achieving net-zero emissions by 2050.

According to a Reuters report, the company now aims for a 15-20% reduction in the net carbon intensity of its energy products by 2030 compared to 2016 levels, down from its previous target of a 20% reduction.

Assessing emissions by intensity allows companies to potentially increase fossil fuel output and overall emissions while offsetting them with renewable energy or biofuels.

Since assuming the role of Chief Executive Officer in January 2023, Wael Sawan has pledged to overhaul Shell’s strategy, prioritizing higher-margin projects, maintaining oil production stability, and expanding natural gas production.

“In line with this shift to prioritising value over volume in power, we will focus on select markets and segments. This includes selling more power to commercial customers and less to retail customers,” Shell said.

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