Business Maverick: Shell’s Plans to Cut CO2 Emissions Are at Risk as It Spends More on Oil and Gas

The London-based oil major recorded a 10% drop in planet-warming emissions across its business and the energy it sold last year as it continued to sell off carbon-intensive assets. But future cuts won’t be able to rely on divestments as new Chief Executive Officer Wael Sawan focuses on delivering value for shareholders and sees the company’s core business in oil and natural gas as key to drive returns.

start to climb again if it increases fossil fuel spending without scaling up new tools to cut carbon. By far the biggest part of Shell’s carbon footprint comes from emissions created when customers burn the fuels it sells. Those, known as Scope 3, account for over 90% of Shell’s total emissions. The company has a goal to cut the carbon intensity of the energy it sells by 20% by 2030 compared to 2016. In 2022, it had so far achieved a reduction of 3.8%.

“As Shell moves along, there’s less low-hanging fruit and it requires more significant investment in new technologies to get carbon reductions,” said Shu Ling Liauw, co-founder of Accela Research, a climate transition research and advisory group.

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