Shell meets netzero climate targets

Shell has published its Energy Transition Progress Report 2022, which shows it has again met its climate targets as part of its energy transition strategy.

By the end of 2022, the net carbon intensity of the energy products sold by Shell had also fallen by 3.8%, compared with 2016. Our analysis, using data from the International Energy Agency, shows the net carbon intensity of the global energy system fell by around 2% over that time.

The report highlights important steps that Shell has taken to advance its energy transition strategy. These include significant investments in liquefied natural gas (LNG), which Shell expects to remain an important part of the energy mix for many years to come, partly because of its role in reducing emissions from power generation and transport.

Other steps include Shell’s $1.6 billion (€1.5 billion) investment in Indian renewable power developer Sprng Energy, and the final investment decision on the Holland Hydrogen 1 project in the Netherlands, which will be Europe’s largest renewable hydrogen plant.

In 2022, Shell also announced the acquisition of Denmark’s Nature Energy, which produces renewable natural gas, for around $2 billion (€1.9 billion). This deal was completed at the beginning of this year.