https://www.carbonbrief.org/shell-abandons-2035-emissions-target-and-weakens-2030-goal/

Shell has abandoned a key climate target for 2035 and weakened another goal for 2030, according to its latest “energy transition strategy”.

The oil major has “updated” its target to cut the total “net carbon intensity” of all the energy products it sells to customers – the emissions per unit of energy – by 20% between 2016 and 2030. The reduction is now set at between 15-20%.

Within Shell’s strategy, chief executive, Wael Sawan, writes that this change reflects “a strategic shift” to focus less on selling electricity, including renewable power.

Instead, the company says investment in oil and gas “will be needed” due to sustained demand for fossil fuels. It emphasises the importance of liquified natural gas (LNG) as “critical” for the energy transition and says it will grow its LNG business by up to 30% by 2030. 

This amounts to a bet against the world meeting its climate goals, with the International Energy Agency (IEA) and others concluding no new oil-and-gas investment is needed on a pathway to 1.5C – and warning against the risk of “overinvestment”.

Elsewhere in the report, Shell notes that it has “chosen to retire [its] 2035 target of a 45% reduction in net carbon intensity” due to “uncertainty in the pace of change in the energy transition”.

Both goals were intended as stepping stones on the company’s journey towards net-zero emissions by 2050, a goal set by the previous chief executive, Ben van Beurden, in 2020.

The weakening of climate goals from Shell, the world’s second-largest investor-owned oil-and-gas company, comes after BP scaled back its ambitions last year.

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Shell boss got £8m pay package in first year

https://www.bbc.co.uk/news/articles/c4nm8r8787ko

Shell’s new boss received a pay package of almost £8m in his first year in the role, the energy giant has revealed.

Detail of the pay emerged as Shell watered down one of its carbon reduction targets.

Wael Sawan was paid a total of £7.94m, including bonuses, although that was below the £9.7m received by his predecessor, Ben van Beurden, in 2022.

The size of the pay package came under fire from pressure groups.

Jonathan Noronha-Gant, senior fossil fuels campaigner at Global Witness, said the amount was “a bitter pill to swallow for the millions of workers living with the high costs of energy”.

Shell also announced that it planned to reduce the “net carbon intensity” of the energy it sells by 15-20% by 2030, compared with a previous target of 20%.

It also dropped its plan to reduce net carbon intensity by 45% by 2035.

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