Shell is tightening its own climate targets. The Dutch-British oil and gas group wants to achieve zero emissions on its own production chain by 2050, but sooner if possible. Even now that the corona crisis is causing acute problems, the company wants to “keep its focus on the longer term”, says CEO Ben van Beurden.
Net emissions of the products that Shell sells to its customers should decrease by 30 percent by 2035 and by 65 percent by 2050. Previously, the company set targets of 20 and 50 percent for those years, respectively. Furthermore, Shell mainly wants to serve companies and sectors that will also be climate neutral by 2050.
Shell is committed to the goals of the Paris Climate Change Agreement concluded in 2015. Countries then pledged to take measures to limit global warming to 1.5 degrees due to greenhouse gas emissions.
“The expectations of society change rapidly in the debate about climate change,” says Van Beurden. That is why, in his opinion, Shell will also have to shift up a gear to reduce its emissions. “Society and our customers expect nothing less from us.”
The ABP civil service pension fund, which for some time has been urging Shell to become more sustainable together with other institutional investors, is pleased with the announcement. “We appreciate that Shell regularly evaluates its ambitions and is now sharpening them,” said chairman of the board Corien Wortmann.
She points out that Shell has an exemplary role in the industry. “We hope this announcement will continue to have a knock-on effect. As a responsible investor and critical shareholder of Shell and other oil and gas companies, we will continue to monitor this closely.”