Shells net zero emissions strategy

A coalition of climate and accountability organisations argues that Shell's 2021 strategy update is insufficient to limit global warming to 1.5°C. They claim the company relies on intensity-based targets rather than absolute reductions, continues heavy investment in upstream oil and gas, and depends on unrealistic carbon capture and offset projections. The authors call on investors to support a resolution requiring Shell to set quantitative, Paris-aligned targets for Scope 1, 2, and 3 emissions.

• Shell's February 2021 strategy is deemed insufficient for the 1.5°C goal because it uses intensity-based targets instead of absolute emission reductions and plans to increase gas production to over half of its business by 2030.
• The company's climate targets exclude petrochemicals, despite Shell selling 17 million tonnes of petrochemicals annually.
• Shell's strategy relies on an improbable scale-up of carbon capture and storage (CCS) and nature-based offsets, targeting an additional 25 million tonnes of CCS capacity per year by 2035 and 120 million tonnes of offsets per year by 2030.
• There is a significant disparity in Shell's capital expenditure, with $2-3 billion allocated to Renewables and Energy Solutions compared to approximately $8 billion for Upstream, $4 billion for Integrated Gas, and $4-5 billion for Chemicals and Products.
• The authors argue that Shell fails the Climate Action 100+ benchmarks regarding GHG reduction targets, decarbonisation strategy, capital alignment, and the limited use of carbon credits.

APA

Reclaim Finance (2021). Shells net zero emissions strategy. https://reclaimfinance.org/site/wp-content/uploads/2021/04/Joint-letter-to-investors-on-Shell-resolution-Feb-2021-26.02-final.pdf

Chicago

Reclaim Finance. Shells net zero emissions strategy. 2021. https://reclaimfinance.org/site/wp-content/uploads/2021/04/Joint-letter-to-investors-on-Shell-resolution-Feb-2021-26.02-final.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Shells net zero emissions strategy |date=26 February 2021 |url=https://reclaimfinance.org/site/wp-content/uploads/2021/04/Joint-letter-to-investors-on-Shell-resolution-Feb-2021-26.02-final.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2021shells, author = {{Reclaim Finance}}, title = {{Shells net zero emissions strategy}}, publisher = {Reclaim Finance}, year = {2021}, month = feb, url = {https://reclaimfinance.org/site/wp-content/uploads/2021/04/Joint-letter-to-investors-on-Shell-resolution-Feb-2021-26.02-final.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }