British oil and gas giant Shell has abandoned its key emissions reduction target for 2035 and watered down another net-zero goal for 2030, according to its new energy transition strategy for 2024, published on Thursday.
The company said it has “updated” its previous target to cut the total “net carbon intensity” of scope 3 emissions from its energy products by 20% by the end of the decade to between 15% and 20%. The company previously had another target to reduce the net carbon intensity of its energy products by 45% by 2035 – a goal that has now been entirely abandoned.
The company also introduced a new goal to cut “absolute emissions” of its oil products by 15–25% by 2030. According to the update, this would represent a 40% fall compared with 2016 levels, a level the European company says is compatible with the EU’s climate targets for transport.
The changes reflect plans by CEO Wael Sawan to tighten business operations and boost hydrocarbon production, particularly of natural gas, despite international calls for a complete fossil fuel phase out as the fight against climate change ramps up. Shell also plans to focus less on selling electricity, including from renewable sources.