Shell has ruled out setting targets to cut emissions in absolute terms from customers' use of its products, the company's chair said in a report published on Thursday, saying it was against shareholder interests and would not be effective.
Shell's board has yet to issue a recommendation but in the past has recommended investors oppose similar resolutions.
Shell aims to cut planet-warming gases from across its portfolio based on emissions intensity by 20% by 2030 and, eventually, 100% by 2050. It aims to halve emissions from its own operations on an absolute basis by 2030 from a 2016 base. Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix.Shell to reduce its emissions by 45% by 2030, a verdict it has appealed.
Scientists say the world needs to cut greenhouse gas emissions by 43% by 2030, compared to 2019 levels, to have any hope of limiting global warming to 1.5 Celsius , the level scientists say can prevent the most severe consequences.Our Standards:Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine.
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