Shell has revealed the net carbon intensity of the energy products sold by Shell had fallen by 3.8 percent by the end of 2022, compared with 2016.
Shell’s analysis, using data from the International Energy Agency, shows the net carbon intensity of the global energy system fell by around 2 percent between 2016 and 2022, Shell said in its Energy Transition Progress Report 2022.
“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 percent reduction by the end of 2022 compared with 2016 on a net basis.”
Shell, as part of its energy transition strategy, has made significant investments in liquefied natural gas (LNG). Shell expects its investment in LNG will 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.
Shell also increased the number of electric vehicle charge points it owned or operated worldwide by 62 percent to around 139,000 in 2022, up from 86,000 the previous year.
Andrew Mackenzie, Shell Chair, said: “We believe the progress we have made in line with our energy transition strategy has been to the benefit of our customers, our shareholders and wider society.”