British oil company Shell watered down a major climate target Thursday and eliminated a second one, drawing criticism from environmental and shareholder groups.
The company — in its first energy transition strategy update since 2021 — said its approach “supports a balanced and orderly transition” away from fossil fuels to lower-carbon sources of energy. CEO Wael Sawan said Shell will expand its liquefied natural gas (LNG) business and keep oil production steady.
“By providing the different kinds of energy the world needs, we believe we are the investment case and the partner of choice through the energy transition,” Sawan said in a news release.
In a 33-page strategy document, Shell reaffirmed a goal of cutting its greenhouse gas emissions to net zero by 2050, while also scaling back some interim targets.
