Shell (NYSE:SHEL) on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century.
In its latest energy transition strategy update, the oil and gas major said it is now aiming to reduce its net carbon intensity on the third-party use of products it sells by 15% to 20% by 2030, compared with a previous target of 20%.
Shell said it had also dropped its goal of a 45% reduction by 2035, citing “uncertainty in the pace of change in the energy transition.” The net carbon intensity targets are measured against a baseline of emissions in 2016.
Shell said that by the end of 2023, it had achieved over 60% of its target to halve emissions from its operations by 2030, compared with 2016.
The company also said it achieved its target to reduce the net carbon intensity of the energy products sold last year, with a 6.3% reduction compared to 2016. Shell said this marked the third straight year it had hit its target.
Shell’s update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies. Last year, British rival BP (NYSE:BP) said it was targeting a 20% to 30% emissions cut by the end of the decade,
SHEL shares grabbed a dollar to $2,528.50.
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