Steps on the path to net-zero emissions
In 2023, for the second time, we are offering shareholders an advisory vote on our progress towards implementing our energy transition strategy. This vote is part of our continuing dialogue with shareholders as we work to become a net-zero emissions energy business by 2050. Shareholders supported our energy transition strategy in 2021.
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2023
- Increased the weighting of the energy transition performance metric in the Long-term incentive plan from 20% to 25%.
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2022
- Achieved our target to reduce the net carbon intensity of the energy products we sell by 3-4% compared to 2016.
- Made significant investment decisions and portfolio changes. These include Nature Energy, a renewable natural gas producer, Holland Hydrogen 1, and renewable power developer Sprng Energy.
- Invested $4.3 billion in low-carbon energy solutions and $3.9 billion in non-energy products.
- Introduced three new metrics in the annual bonus scorecard, to more fully reflect Shell’s role in the energy transition.
- For the first time offered shareholders an advisory vote on the annual progress made in implementing our energy transition strategy.
- Simplified our share structure, allowing us to manage our portfolio with greater agility in the energy transition.
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2021
- Launched our Powering Progress strategy setting out how we will transform into a net-zero emissions energy business.
- Offered shareholders an advisory vote on our energy transition strategy. They overwhelmingly supported the strategy.
- Set a new target to reduce absolute emissions from our operations (Scope 1 and 2) by 50% by 2030, compared to 2016 on a net basis.
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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).
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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.
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2018
- Signed a joint statement with institutional investors on behalf of Climate Action 100+ investor group announcing steps that Shell has taken to demonstrate alignment with the goals of the Paris Agreement on climate change.
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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.
