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April 8, 2019

Shell invests $300m in carbon emissions drive

Shell has announced plans to act on global climate change, including a $300m investment over the next three years to address carbon dioxide emissions.

By Umar Ali

Royal Dutch Shell has announced its plans to act on global climate change by investing in natural ecosystems, including a $300m investment over the next three years to address carbon dioxide emissions.

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This programme forms part of Shell’s three-year target to reduce its net carbon footprint by 2-3%, beginning in 2019.

Shell CEO Ben van Beurden said: “There is no single solution to tackling climate change. A transformation of the global energy system is needed, from electricity generation to industry and transport.”

“Shell will play its part. Our focus on natural ecosystems is one step we are taking today to support the transition towards a low-carbon future. This comes in addition to our existing efforts, from reducing the carbon intensity of oil and gas operations to investments in renewable sources of energy.”

Shell’s plans for its oil and gas operations include increasing investments in lower-carbon options such as liquefied natural gas (LNG) and hydrogen. To reduce emissions generated by its customers when using its products, Shell will invest in carbon neutral driving and low-carbon biofuels. Nature-based carbon credits will also help offset customer emissions, with Shell planning to introduce them in the Netherlands from 17 April 2019.

The company also plans to invest in wetlands, forests and other natural ecosystems around the world, to capture more carbon dioxide and reduce emissions.

On 3 April 2019 Shell published an audit of its trade associates’ climate positions, announcing its decision to leave the American Fuel and Petrochemical Manufacturers (AFPM) oil lobby over climate disputes. In this audit, the company expressed its desire to “move toward a lower-carbon future,” outlining its long-term target of reducing its net carbon footprint by 50% by 2050.

The Nature Conservancy CEO Mark Tercek said: “Last year’s IPCC report was a wake-up call on climate: reducing emissions starts with fossil fuels.

“Shell’s announcement signals that one of the world’s biggest energy companies is pursuing a decarbonisation strategy with a broad set of solutions, including by investing in nature.

“By doing so, it is helping to curb global deforestation, restore vital ecosystems, and help communities develop sustainably.

“Shell is the first in the industry to set near-term targets for the emissions of both its operations and its products; this is clear progress, but it also illustrates how much work remains to achieve Paris climate targets. We look forward to seeing further investment from Shell in these areas.”

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How are oil and gas companies strategizing in response to the electric vehicle market?

Electric mobility is a crucial element of the successful energy transition. Electric vehicles (EVs) are expected to account for over one-third of the new car sales worldwide by 2031, and so oil and gas companies are reacting with heavy investments across the EV value chain. Such investments are being made in a bid to remain relevant within this exciting segment.  GlobalData’s free report, Oil & Gas Sector Strategies in Electric Vehicles, reveals that transportation accounts for almost half of the petroleum products demand. However, the wider adoption of electric vehicles could slow the pace of petroleum products demand in the future.   Our report includes:  
  • Petroleum products demand forecast till 2026 by sector 
  • Potential targeted areas for oil & gas companies to enter the EV value chain 
  • EV strategies of oil & gas companies across major regions in the world 
Use this report to help navigate a new frontier for the oil & gas industry.  
by GlobalData
Enter your details here to receive your free Report.

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