Shell has published its Energy Transition Progress Report 2021 detailing the company’s progress over the past year.
This report is sset to be put to shareholders for an advisory vote at the Annual General Meeting on 24 May.
“In a time of great uncertainty, it is vital that our long-term energy transition strategy remains on track,” said Ben van Beurden, Shell’s chief executive officer. “This report shows the strong progress we have made towards our target to become a net-zero emissions energy business by 2050.”
This progress includes critical investment decisions in the production of low-carbon fuels, solar and wind power, and hydrogen, and 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.
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, compared with 2016 as well. The company is now working towards 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.”
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