Shell joins BP and Total in U-turning on climate pledges ‘to reward shareholders’

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The oil and gas giant claims it has already hit its 2030 target, because it sold its interest in a Texan oilfield in 2021.

 

Shell is the latest fossil fuel company to scale back on its climate change pledges in order to increase payouts to shareholders.

 

The oil and gas giant announced yesterday that it is dropping plans to cut oil production each year for the rest of the decade.

In its 2021 strategy, the company said it would aim for “an expected gradual reduction in oil production of around 1-2 per cent each year”.

 

And last year, former chief executive Ben van Beurden surprised some activists and investors by establishing a target of 2050 to reach net zero emissions.

But it appears the potential profits - Shell made a record €36 billion in 2022 - are too appealing for the new CEO Wael Sawan and his team.