Energy Transition Progress Report | Shell

Energy Transition Progress Report | Shell

We firmly believe our climate targets are aligned with the more ambitious goal of the UN Paris Agreement on climate change: to limit the increase in the average global temperature to 1.5°C above pre-industrial levels.

The actions Shell takes over the coming years, and our progress against our short- and medium-term targets, will be crucial steps to ensure that we become a net-zero emissions energy business by 2050. In the first year of our Powering Progress strategy, we have laid the foundations for success.

We have taken critical investment decisions in the production of low-carbon fuels, solar and wind power, and hydrogen. We have made significant changes to our Upstream and refinery portfolios, we reshaped the organisation and we simplified the company and its share structure. We have formed partnerships with some of the world’s biggest companies in sectors from aviation to road transport and technology.

In 2021, we added an ambitious new target to halve absolute emissions from our operations and the energy we buy to run them by 2030 (Scope 1 and 2), compared with 2016 levels and on a net basis. We are well on our way with an 18% reduction by the end of 2021. For comparison, we estimate that global energy- and fossil-related CO2 emissions actually rose by 2.4% in the period between the end of 2016 and the end of 2021, based on International Energy Agency (IEA) and other data.