MOSCOW (MRC) -- Shell reduced greenhouse gas emissions from its operations and energy consumed last year by 18% compared to 2016 levels, with the goal remaining to cut by 50% by 2030, said Reuters.
The company has moved to increase investment in low-carbon fields, as well as hydrogen and renewable power to reduce its scope 1 and scope 2 emissions. Shell reduced the carbon intensity of the products it sells by 2-3% as of the end of last year. The announcement, part of its regular progress reports and shareholder votes on its sustainability measures, follows a Netherlands court verdict to cut its carbon output by 45% from 2019 levels by 2030.
The mandate included scope 3 emissions, a substantial challenge for fossil fuel providers, as it encompasses greenhouse gases from retail customers. In its energy transition progress report, released on Wednesday, the company said that it has reduced scope 3 emissions by 16% from 2016 levels as of the end of last year.
Shell has milestone targets of a 50% reduction in scope 1 and 2 emissions by 2030 and reaching net zero by 2050, but at present has no interim target for scope 3 beyond the overarching 2050 net zero goal. At present, ,the firm’s strategy for scope 3 emissions reductions centres around reducing the sale of oil an gas products and increasing ales of low- and zero-carbon products.
We remind, Shell Plc started to withdraw staff from its joint ventures with Russia’s Gazprom PJSC as it moves forward with plans to exit investments in response to the war in Ukraine. Dozens of Shell employees on temporary assignment at the Sakhalin-2 liquefied natural gas export project in Russia were removed over the weekend to be relocated back to other offices, according to people with knowledge of the matter. Operations at the facility are unlikely to be affected by the move, the people said, requesting anonymity to discuss private details.
In early March, Shell plc announced its intention to phase out participation in all Russian hydrocarbon projects, including oil, oil products, gas and liquefied natural gas (LNG).
Earlier it was noted that in April 2019, Shell announced its withdrawal from the Baltic LNG project after Gazprom's decision to change the concept of the project development, fully integrating it with the gas processing plant in Ust-Luga. In 2015, Shell became the sole partner of Gazprom in the Baltic LNG, and in 2018, the development of a technical project began. Initially, Shell estimated the capacity of the plant at 10 million tons of LNG per year, with a possible subsequent increase in capacity to 13 million tons.
Shell is a British-Dutch oil and gas concern engaged in the extraction, processing and marketing of hydrocarbons in more than 70 countries.