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Shell Reports on Energy Transition Progress

Multinational oil and gas firm Shell has published its Energy Transition Progress Report, which details the firm’s efforts to implement the transition strategy passed at its 2021 AGM. The report includes long-term emissions reduction targets for all three scopes, but does not include short- and medium-term absolute emissions targets for Scope 3, as recommended by climate-focused investor initiative Climate Action 100+. Shell said it would offer shareholders an advisory vote on its progress at this year’s AGM. “So much of Shell’s strategy, and [that of] many of their peers, is dependent on reshaping demand for energy. This in turn in many energy demanding sectors is also intrinsically linked to whether government regulation is sufficiently aligned to net zero commitments,” commented Adam Matthews, Chief Responsible Investment Officer at the Church of England Pensions Board, in a Linkedin post.

 

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