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Shell validates its energy strategy to achieve net zero emissions by 2050

Date: April 24, 2024 Time: 08:58:41

Shell shareholders validated the oil company’s strategy on energy transition on Tuesday to align its guidelines with those of the Paris Agreement during the annual general assembly held in London. During the meeting of the shareholders of the Anglo-Dutch giant, held at the Excel conference center, in the east of the capital, they voted 80% to 20% in favor of the so-called Resolution 25, which sets the objective of reach net zero emissions by 2050.

In this sense, highlight the reduction achieved in carbon emissions from its operations by 30% by the end of 2022, compared to 2016, and more than half towards the goal of 50% by 2030. For his part, the new director Delegate, Wael Sawan said that “a secure, affordable and increasingly low-carbon supply of energy must be achieved.”

To do this, Shell must follow “the right strategy,” he said, while admitting that “current operating plans will have to change (…) and this change will have to be balanced investments, with low-carbon energy and oil and gas”. Some of the assembled shareholders express their rejection of Resolution 25 on the energy transition strategy, arguing that the company “is not investing enough in renewables” and demanding “a change of direction”.

On the other hand, it ruled against Resolution 26, presented by the Follow This minority group, which asked to adjust its emission reduction targets for its products by 2030, and which was rejected by 79.80% compared to 20, 20%. . Group Chairman Andrew MacKenzie today recalled the “good progress made on its climate targets for the second year in a row” as he defended Shell’s strategy to move towards the Paris climate goals.

“It would force us to reduce the number of customers that we serve, that we are confident of decarbonizing,” MacKenzie explained. The start of the annual shareholders’ meeting was delayed for more than an hour when it was boycotted by activists from various environmental groups such as Extinction Rebellion or Fossil Fuel London, with protests from different parts of the room.

Shouting messages contrary to the company’s practices – “Go to Hell, Shell, Shut down, Shell” (Go to hell, Shell. Close the business, Shell”, was the most chanted -, these people were evicted, one by one , by security employees The oil company defends that it has set climate objectives aligned with the most ambitious objective of the Paris Agreement on climate change: limit the increase in global average temperature this century to 1.5 degrees.

According to Shell, its strategy advocates “a balanced transition, keeping oil and gas supplies where they are still needed while moving towards net zero emissions.” Last February Shell suffered benefits of 84,300 million dollars, a record figure in its 115-year history, after the war in Ukraine altered energy prices globally and especially those of European gas.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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