Shell rejects calls for new scope three targets
Oil major pushes back on shareholder demands amid easing ESG pressures on industry
Shell has rejected calls from some shareholders to set a medium-term target for the reduction of absolute scope three emissions from the products it sells. The oil major’s current scope three targets focus on net carbon intensity rather than absolute emissions. “The board has considered setting a scope three absolute emissions target but has found it would be against the financial interests of our shareholders and would not help to mitigate global warming,” says the oil major’s chairman, Andrew Mackenzie, in a transition progress report released in mid-March. Shell says its carbon intensity targets are fully aligned with its 2050 net-zero goal. It achieved a 3.8pc reduction in scope-three ca
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation