Milestones
|
Goal |
Milestone |
2020 |
2021 |
Status |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Overall |
Overall |
Invest $2-3 billion in Renewables and Energy Solutions in 2021 |
$0.9 billion [A] |
$2.4 billion [A] |
Achieved |
||||||||||
Supply |
Electricity |
560 Terrawatt-hour sales to customers by 2030 |
251 |
251 |
In progress |
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Double electricity sales by 2030 |
n/a |
n/a |
In progress |
||||||||||||
Biofuels |
8 times more low-carbon fuels production by 2030 |
2.5 billion litres |
2.5 billion litres [B] |
In progress |
|||||||||||
Conventional fuels |
Reduce traditional fuels (fuel oil, gasoline, diesel, jet fuel) production to ~45 million tonnes per annum by 2030 |
91 million tonnes per annum |
71 million tonnes per annum |
In progress |
|||||||||||
Oil production reduction |
An average of 1-2% per annum to 2030 [D] |
~4% |
~4% |
Achieved |
|||||||||||
Frontier exploration entries |
No new entries post 2025 |
n/a |
n/a |
In progress |
|||||||||||
Sectors |
Passenger mobility and road freight |
>500,000 electric vehicle charge points by 2025, of which >30,000 charge points at Shell Recharge |
~60,000 |
~90,000 |
In progress |
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~2.5 million electric vehicle charge points by 2030 |
~60,000 |
~90,000 |
In progress |
||||||||||||
Number of liquefied natural gas refuelling sites |
50 sites by end of 2021 for bio-LNG distribution in Europe |
26 |
44 |
Not achieved |
|||||||||||
Offsets |
Carbon capture and storage |
25 million tonnes per annum carbon capture and storage by 2035 |
n/a |
0.41 million tonnes per annum |
In progress |
||||||||||
Nature-based solutions |
Nature-based solutions sales of 120 million tonnes per annum by 2030 |
3.9 million tonnes per annum |
5.1 million tonnes per annum [C] |
In progress |
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|
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Steps on the path to net-zero emissions
In 2021, our shareholders supported Shell’s energy transition strategy. In 2022, we are offering them an advisory vote on our progress. This vote is part of our continuing dialogue with investors as we work to become a net-zero emissions energy business by 2050.
2022
- Completed the simplified share structure.
- Disclosed that we expected one third of our total expenditure (cash capital expenditure and operating expenses) in 2022 to be on low- and zero-carbon products and services. We expect this to grow to around 50% in 2025.
- The first energy transition performance metric in our Long-term Incentive Plan vested at 180%, based on performance between 2019 and the end of 2021, reflecting our progress in transforming Shell’s business for a lower-carbon future.
- Offered an advisory vote on our progress in our energy transition strategy.
2021
- Launched our Powering Progress strategy setting out how we will transform into a net-zero emissions energy business.
- Offered an advisory vote on our energy transition strategy to shareholders. They overwhelmingly supported the strategy that we are now implementing.
- Took critical investment decisions in the production and sales of low-carbon fuels, solar and wind power, and hydrogen. At the same time, we made significant changes to our Upstream and refinery portfolios.
- Reshaped the organisation and formed new energy transition partnerships with some of the world’s biggest companies.
- Set a new target to reduce absolute emissions from our operations (Scope 1 and 2) by 50% by 2030, compared with 2016 on a net basis. By the end of 2021, we had achieved a reduction of 18%.
- Increased the weighting of the energy transition performance metric in the Long-term Incentive Plan from 10% to 20%.
- Moved Shell’s headquarters to the UK.
2020
- Announced target to become a net-zero emissions energy business by 2050.
- Extended the energy transition performance metric to around 16,500 employees through the Performance Share Plan (PSP).
2019
- Published our first Industry Associations Climate Review, which reviewed the alignment between our climate-related policy positions and those of 19 key industry associations of which we are a member.
2018
- Signed a joint statement with institutional investors on behalf of Climate Action 100+ announcing steps that Shell has taken to demonstrate alignment with the goals of the Paris Agreement on climate change.
2017
- Announced ambition to reduce the carbon intensity of the energy products we sell by around half by 2050, including the full life-cycle emissions from the use of our energy products by customers.
