Shell reports “strong progress” on net-zero goal in new report

Shell has published its Energy Transition Progress Report 2021 detailing the company’s progress over the past year. This progress includes critical investment decisions in the production of low-carbon fuels, solar and wind power, and hydrogen, as well as significant changes to Shell’s Upstream and refinery portfolios. The company has also simplified its share structure and moved its headquarters to the UK from the Netherlands.

“In a time of great uncertainty, it is vital that our long-term energy transition strategy remains on track,” said Ben van Beurden, Shell CEO. “This report shows the strong progress we have made towards our target to become a net-zero emissions energy business by 2050.”

In 2021, Shell continued to work with customers across sectors, from aviation to marine and road freight, forming more than 50 collaborations with other leading companies.

The report also shows Shell’s progress against concrete climate goals. Last year, the company set a new target to reduce absolute emissions from its operations and the energy it uses to run them by 50% by 2030, compared with 2016 on a net basis. By the end of 2021, Shell had made a reduction of 18%.

Shell also achieved its short-term target to reduce the net carbon intensity of the energy products it sells by 2-3% by the end of 2021, also compared with 2016. The company is now working toward a 9-12% reduction in net carbon intensity by 2024 and a 20% reduction by 2030, both compared with 2016.

“We are helping our customers to identify and use low- and zero-carbon alternatives to the energy products they have used for many decades,” said Andrew Mackenzie, Shell Chair. “We see great business opportunities for Shell in the fast-growing low- and zero-carbon markets where we are well positioned to provide the different products and solutions our customers need.”