With a new top executive considering one of the worst polluters by extraction of fossil resources, which until now has excelled mostly in greenwashing is going to slow the pace of reduction CO2 emissions even further. Shell is considering reducing its own CO2 emissions at a slower pace, reports news agency Bloomberg based on insiders. The oil and gas group is working on a new version of its climate plans. A team at Shell was asked to examine various options for reducing greenhouse gas emissions and present them to top management. Shell tells Bloomberg it is looking forward to publishing the new strategy. It is expected to appear on Thursday. Under former top executive Ben van Beurden, Shell introduced a plan in 2020 to achieve zero net CO2 emissions by 2050. The company is regularly criticized for its own climate plans, alleging a lack of concrete interim targets in line with the Paris climate agreement. In combating emissions, Shell focuses mainly on the CO2 intensity of its products, i.e. the amount of greenhouse gas released per liter of gasoline sold, for example. About three years ago, Shell promised to reduce CO2 intensity by 20 percent by 2030 compared to 2016. By 2035, that should be 45 percent. New top Shell executive emphasises shorter-term shareholder value. One criticism of this is that the targets are not about the absolute amount of CO2 released into the air by Shell. So even at a lower intensity, more CO2 could still end up in the atmosphere. Van Beurden's successor Wael Sawan emphasized last year after taking office that Shell must above all become a more valuable company for investors. As a result, profitability must also become more central to green projects. Shell also wants to expand the extraction of fossil gas. Shell and other European oil and gas companies lag behind American competitors such as ExxonMobil in terms of market capitalization. BP recently announced its intention to pump up more oil and gas than previously planned, hoping to close that gap. https://lnkd.in/eftCjeeM
Shell waters down emissions cut pledge despite crucial climate decade https://www.theguardian.com/business/2024/mar/14/shell-warns-it-may-slow-emissions-reduction-during-crucial-climate-decade
Whats the right amount of C02 in the atmosphere then? What is the golden number that everyone can agree on?
Independent Business Owner / Consultant to the Precious Metal Industry / Senior Advisor / Risk Assessor / Lead Auditor
9moAfter job cuts in the low-carbon energy division, Shell has expanded the reductions to other teams and now it’s the turn of the deals team, according to Bloomberg’s sources. The ongoing job cuts at Shell are extending to the team handling mergers and acquisitions for the supermajor as the oil and gas giant is looking to eliminate around 20% of several hundred positions in the M&A unit, unnamed sources familiar with the plans have told Bloomberg. Shell has been saying for months that it is pursuing a leaner organization and aims to make larger cost savings by reducing headcount. https://oilprice.com/Latest-Energy-News/World-News/Shell-Plans-to-Cut-20-of-Jobs-in-Its-MA-Unit.html