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Shell plc has published its Energy Transition Progress Report 2022, which shows it has again met its climate targets as part of its energy transition strategy. The report will be put to shareholders for an advisory vote at Shell’s Annual General Meeting on May 23, 2023.
“In this report, we show the progress we have made towards becoming a net-zero emissions energy business by 2050, as we continue to supply the vital energy the world needs during a time of great volatility,” said Wael Sawan, Shell’s Chief Executive Officer. “I am especially proud of the progress we have made in reducing carbon emissions from our operations, with a 30% reduction by the end of 2022 compared with 2016 on a net basis.”
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. The 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 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. This deal was completed at the beginning of 2023.
This progress comes at a time when the energy system still faces challenges as high energy prices continue to contribute to a cost-of-living crisis for many people. These challenges have highlighted the need for a balanced energy transition: one in which the world achieves net-zero emissions, while still providing a secure and affordable supply of energy.
Shell’s energy transition strategy was put to an advisory shareholder vote at its 2021 Annual General Meeting, where it secured 89% of the vote. At the 2022 AGM, almost 80% of shareholders who voted supported our progress in implementing this strategy.
