Oil supermajor Shell said it plans to double electricity production and set out its stall as a “manager of clean electrons” as it unveiled a roadmap to net zero emissions by 2050 and said its oil production peaked in 2019.
Shell aims to sell 560TWh of power by 2030, twice the current level, and will invest $2-3bn annually in renewables and 'energy solutions'. It said it aims to build “material low-carbon businesses of scale by the early 2030s”, but unlike some of its peers, the group is not setting renewable capacity goals.
The company also unveiled new set of targets to reduce emissions by 6% to 8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050, against 2016 levels, an increase on goals set in 2020.
The company flagged major roles for hydrogen and carbon capture in a future that it said would see it emerge as a “manager of clean electrons” in the power sector.
Ben van Beurden, Shell CEO said: “Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society.
“We must give our customers the products and services they want and need, products that have the lowest environmental impact. At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society.”
Shell has over the last few years entered a range of renewables and other clean energy sectors, including fixed-bottom and floating offshore wind, and battery storage.