Energy major Shell held its Strategy Day 2021 today, outlining the company\u2019s \u2018Powering Progress\u2019 strategy to accelerate its transformation into a provider of net-zero emissions energy products and services. The update includes details on how Shell will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, including setting short-term and interim targets, and investing in renewable and clean energy solutions.<\/p>\n\n\n\n
According to Shell, the company has already passed the milestones of peak oil production and carbon emissions, in 2019 and 2018, respectively.<\/p>\n\n\n\n
Royal Dutch Shell Chief Executive Officer, Ben van Beurden, said:<\/p>\n\n\n\n
\u201cOur accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society.<\/p>
\u201cWe must give our customers the products and services they want and need \u2013 products that have the lowest environmental impact. At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society.\u201d<\/p><\/blockquote>\n\n\n\n
Shell\u2019s new interim goals include targets to reduce the company\u2019s net carbon intensity by 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050, using a baseline of 2016. The company said that it will link remuneration of its staff to the achievement of these goals. Shell will also seek to have access to an additional 25 million tonnes a year of carbon, capture and storage (CCS) capacity by 2035. Shell stated that it aims to use nature-based solutions (NBS), in line with the philosophy of avoiding, reducing and only then mitigating, to offset emissions of around 120 million tonnes a year by 2030.<\/p>\n\n\n\n
Shell also outlined its investment strategy for the development of its portfolio as it transitions to a low carbon business. The company aims to continue to invest approximately $8 billion annually in upstream, while allocating $2 – $3 billion to Renewables and Energy Solutions, $8-9 billion to its Transition pillar, including integrated gas, and chemicals and products, and $3 billion to Marketing, which includes its retail and lubricants businesses, with plans to grow its EV charging network to 500,000 charging points by 2025. Over time, Shell anticipates increasing its capital allocation towards its \u2018Growth\u2019 pillar, encompassing the Renewables and Energy Solutions and Marketing functions.<\/p>\n\n\n\n
In addition to introducing its internal strategy, Shell pledged to develop standards for the industry through work with organizations including the Science Based Targets Initiative and the Transition Pathway Initiative. In December, Shell joined a group of eight major energy companies to establish the Energy Transition Principles, aimed at creating a collaborative platform for energy transition.<\/p>\n\n\n\n
Van Beurden said:<\/p>\n\n\n\n
\u201cThe whole of Shell is changing to be more focused, more resilient and more competitive. And not just for the energy system of today, but for the energy system of the future. The world is changing. So we will change too. And that is what Powering Progress is about.\u201d<\/p><\/blockquote>\n\n
\n <\/div>\n\n<\/span>","protected":false},"excerpt":{"rendered":"Energy major Shell held its Strategy Day 2021 today, outlining the company\u2019s \u2018Powering Progress\u2019 strategy to accelerate its transformation into a provider of net-zero emissions energy products and services. The update includes details on how Shell will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, […]<\/p>\n","protected":false},"author":2,"featured_media":3937,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[6,36],"tags":[],"acf":[],"yoast_head":"\n
Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Energy major Shell held its Strategy Day 2021 today, outlining the company\u2019s \u2018Powering Progress\u2019 strategy to accelerate its transformation into a provider of net-zero emissions energy products and services. The update includes details on how Shell will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\" \/>\n<meta property=\"og:site_name\" content=\"ESG Today\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ESGToday\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-11T11:04:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-11T11:04:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2021\/02\/Shell-hydrogen-tanks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"992\" \/>\n\t<meta property=\"og:image:height\" content=\"656\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Segal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:site\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Segal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\"},\"author\":{\"name\":\"Mark Segal\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/person\/cca7a2b05e3a06d096e5740fb1433a01\"},\"headline\":\"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked\",\"datePublished\":\"2021-02-11T11:04:16+00:00\",\"dateModified\":\"2021-02-11T11:04:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\"},\"wordCount\":483,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.esgtoday.com\/#organization\"},\"articleSection\":[\"Companies\",\"Energy Transition\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\",\"url\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\",\"name\":\"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked - ESG Today\",\"isPartOf\":{\"@id\":\"https:\/\/www.esgtoday.com\/#website\"},\"datePublished\":\"2021-02-11T11:04:16+00:00\",\"dateModified\":\"2021-02-11T11:04:21+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.esgtoday.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.esgtoday.com\/#website\",\"url\":\"https:\/\/www.esgtoday.com\/\",\"name\":\"ESG Today\",\"description\":\"ESG investing news, analysis, research and information\",\"publisher\":{\"@id\":\"https:\/\/www.esgtoday.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.esgtoday.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.esgtoday.com\/#organization\",\"name\":\"ESG Today\",\"url\":\"https:\/\/www.esgtoday.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2023\/05\/ESG-Today-Logo.png\",\"contentUrl\":\"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2023\/05\/ESG-Today-Logo.png\",\"width\":618,\"height\":350,\"caption\":\"ESG Today\"},\"image\":{\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/ESGToday\/\",\"https:\/\/twitter.com\/EsgToday\",\"https:\/\/www.linkedin.com\/company\/esg-today\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/person\/cca7a2b05e3a06d096e5740fb1433a01\",\"name\":\"Mark Segal\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/68fbfd7923e36d210feb00a7621096af?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/68fbfd7923e36d210feb00a7621096af?s=96&d=mm&r=g\",\"caption\":\"Mark Segal\"},\"description\":\"Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm\u2019s head of U.S. equities. While at DCM, Mark was part of the firm\u2019s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.\",\"url\":\"https:\/\/www.esgtoday.com\/author\/mo-segal9\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked - ESG Today","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/","og_locale":"en_US","og_type":"article","og_title":"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked - ESG Today","og_description":"Energy major Shell held its Strategy Day 2021 today, outlining the company\u2019s \u2018Powering Progress\u2019 strategy to accelerate its transformation into a provider of net-zero emissions energy products and services. The update includes details on how Shell will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, […]","og_url":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/","og_site_name":"ESG Today","article_publisher":"https:\/\/www.facebook.com\/ESGToday\/","article_published_time":"2021-02-11T11:04:16+00:00","article_modified_time":"2021-02-11T11:04:21+00:00","og_image":[{"width":992,"height":656,"url":"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2021\/02\/Shell-hydrogen-tanks.jpg","type":"image\/jpeg"}],"author":"Mark Segal","twitter_card":"summary_large_image","twitter_creator":"@EsgToday","twitter_site":"@EsgToday","twitter_misc":{"Written by":"Mark Segal","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#article","isPartOf":{"@id":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/"},"author":{"name":"Mark Segal","@id":"https:\/\/www.esgtoday.com\/#\/schema\/person\/cca7a2b05e3a06d096e5740fb1433a01"},"headline":"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked","datePublished":"2021-02-11T11:04:16+00:00","dateModified":"2021-02-11T11:04:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/"},"wordCount":483,"commentCount":0,"publisher":{"@id":"https:\/\/www.esgtoday.com\/#organization"},"articleSection":["Companies","Energy Transition"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/","url":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/","name":"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked - ESG Today","isPartOf":{"@id":"https:\/\/www.esgtoday.com\/#website"},"datePublished":"2021-02-11T11:04:16+00:00","dateModified":"2021-02-11T11:04:21+00:00","breadcrumb":{"@id":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.esgtoday.com\/"},{"@type":"ListItem","position":2,"name":"Shell Sets Out Net Zero Transformation Strategy, Says Emissions & Oil Production Have Already Peaked"}]},{"@type":"WebSite","@id":"https:\/\/www.esgtoday.com\/#website","url":"https:\/\/www.esgtoday.com\/","name":"ESG Today","description":"ESG investing news, analysis, research and information","publisher":{"@id":"https:\/\/www.esgtoday.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.esgtoday.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.esgtoday.com\/#organization","name":"ESG Today","url":"https:\/\/www.esgtoday.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.esgtoday.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2023\/05\/ESG-Today-Logo.png","contentUrl":"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2023\/05\/ESG-Today-Logo.png","width":618,"height":350,"caption":"ESG Today"},"image":{"@id":"https:\/\/www.esgtoday.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ESGToday\/","https:\/\/twitter.com\/EsgToday","https:\/\/www.linkedin.com\/company\/esg-today\/"]},{"@type":"Person","@id":"https:\/\/www.esgtoday.com\/#\/schema\/person\/cca7a2b05e3a06d096e5740fb1433a01","name":"Mark Segal","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.esgtoday.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/68fbfd7923e36d210feb00a7621096af?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/68fbfd7923e36d210feb00a7621096af?s=96&d=mm&r=g","caption":"Mark Segal"},"description":"Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm\u2019s head of U.S. equities. While at DCM, Mark was part of the firm\u2019s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.","url":"https:\/\/www.esgtoday.com\/author\/mo-segal9\/"}]}},"builder_content":"","_links":{"self":[{"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/posts\/3936"}],"collection":[{"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/comments?post=3936"}],"version-history":[{"count":0,"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/posts\/3936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/media\/3937"}],"wp:attachment":[{"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/media?parent=3936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/categories?post=3936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.esgtoday.com\/wp-json\/wp\/v2\/tags?post=3936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}