The company said Thursday that its production of oil peaked before the coronavirus pandemic and will fall steadily as it attempts an ambitious pivot toward less polluting forms of energy. It's a milestone for the company and reflects the urgency facing governments and companies to reduce climate-warming emissions.
Critics say energy companies have been moving too slowly to cut carbon emissions amid a United Nations drive to limit temperature increases to no more than 1.5 degrees Celsius over pre-industrial levels. Shell plans to increase production of liquefied natural gas, low-carbon fuels such as bioethanol and hydrogen as it seeks to eliminate or offset all carbon emissions from the company's operations and the products it sells.
David Elmes, a professor at Warwick Business School in England who heads the Global Energy Research Network, said Shell's plan to reduce emissions is "ticking all the boxes" but the question remains whether the company will be able to make the shift lucrative enough for shareholders used to generous dividends.
I have to do a double-take after I read your headline. I keep thinking you're the National Inquirer.