“Shell on Thursday announced a net-zero emissions target for 2050, becoming the second major European oil company after BP to embrace such a goal. An expanded power business will make the biggest contribution to the shift but renewables investment will play a major role.
The British-Dutch firm will also target ‘Scope 3’ emissions, which encompass the end use of its products. Scope 3 emissions account for 85 percent of the company’s ultimate carbon footprint.
Shell also committed to aligning its efforts with the Paris Agreement’s goal of limiting warming to 1.5 degrees Celsius. In a call with investors, CEO Ben van Beurden said restricting warming to 1.5 degrees Celsius was ‘just about’ economically and technologically possible. ‘We’re not going to turn into a charity or [a nongovernmental organization]. This only works if there is money to be made, [otherwise] it is not viable,’ he said.”