Business

Oil giant Shell accelerates 2050 carbon reduction targets

By Ron Bousso and Shadia Nasralla

LONDON (Reuters) – Oil major Royal Dutch Shell will accelerate near-term and long-term plans aimed at reducing its net carbon emissions intensity to zero by 2050, it said on Thursday, adding that its emissions peaked in 2018.

Shell said it aims to reduce its net intensity by between 6% and 8% from 2016 levels by 2023. The target rises to 20% by 2030, 45% by 2035 and 100% by the middle of the century.

The company had previously said it would reduce its net carbon footprint emission intensity metric by at least 3% by 2022, 30% by 2035 and 65% by 2050 from a 2016 baseline.

Intensity levels represent emissions per unit of energy produced, technically allowing higher production.

(Reporting by Ron Bousso and Shadia Nasralla; Editing by David Goodman)

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