Shell PLC
The court overturned the mandate requiring the company to significantly cut its emissions.
Notably, in 2021, The Hague's District Court ruled that Shell must cut its reported global net carbon emissions across Scopes 1, 2, and 3 by 45% by 2030, relative to 2019 levels.
This required a "results-based" reduction for Scope 1 and a "significant best efforts" reduction for Scopes 2 and 3. Shell's appeal did not pause this ruling.
Chief Executive Officer Wael Sawan said, "Our target to become a net-zero emissions energy business by 2050 remains at the heart of Shell's strategy and is transforming our business. This includes continuing our work to halve emissions from our operations by 2030."
Shell has previously noted that a court ruling alone wouldn't curb overall demand for products like petrol, diesel, or natural gas, as customers would simply shift to other suppliers.
Shell believes real progress towards net-zero emissions requires coordinated government policies, investments, and cross-sector action.
As disclosed in March 2024, Shell reaffirmed its ambition to reduce customer emissions from the use of its oil products by 15-20% by 2030 compared with 2021 and against its previous target of 20%.
Also earlier, the company reiterated its targeted investment of $10 billion-$15 billion in 2023-2025 in low-carbon energy solutions.
Notably, in 2023, Shell invested $5.6 billion in low-carbon solutions, accounting for over 23% of the total capital spending.
By the end of 2023, Shell had accomplished over 60% of its goal to reduce Scope 1 and 2 emissions from its operations by 50% by 2030, relative to 2016 levels.
Moreover, in 2023, Shell invested $5.6 billion in low-carbon solutions, accounting for over 23% of the total capital spending.
Investors can gain exposure to Shell via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF
Price Action: SHEL shares are down 2.76% at $65.00 at the last check Tuesday.
