{"id":310478,"date":"2024-03-20T08:02:49","date_gmt":"2024-03-20T07:02:49","guid":{"rendered":"https:\/\/climatescience.press\/?p=310478"},"modified":"2024-03-20T08:02:52","modified_gmt":"2024-03-20T07:02:52","slug":"shell-backtracks-on-emission-reduction-targets","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=310478","title":{"rendered":"Shell Backtracks On Emission Reduction\u00a0Targets"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT <\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

h\/t idau<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Oil and gas (O&G) giant Shell has scaled back its 2030 and 2035 emission reduction targets, indicating that it expects the globe to fail the Paris Climate Agreement.<\/em><\/p>\n\n\n\n

The landmark Paris Climate Agreement, a legally binding international treaty on climate change signed by 196 parties, requires the world to almost halve emissions this decade.<\/em><\/p>\n\n\n\n

Detailed within Shell\u2019s <\/em>Energy Transition Strategy 2024<\/em><\/a> report, the O&G company has lowered its emissions reduction targets from a 20% reduction to 15-20% by 2030. Shell has also \u201cretired\u201d its emissions reduction targets of 45% by 2035.<\/em><\/p>\n\n\n\n

Shell initially set its emissions reduction targets based on its Net Carbon Impact (NCI) metric, which compares emissions to a 2016 baseline. It is worth noting that the company still maintains its target to cut emissions by 100% by 2050.<\/em><\/p>\n\n\n\n

Shell is not the first O&G giant to have slashed its reduction targets, with BP also slashing its 2030 emissions reduction target from a 35-40% reduction to 20%-30%, compared with 2019 levels, in 2023. This was due to the firm\u2019s commitment to increasing oil production to bolster energy security.<\/em><\/p>\n\n\n\n

\u201cWith this backtrack, Shell bets on the failure of the Paris Climate Agreement, which requires almost halving emissions this decade,\u201d responds Mark van Baal, founder of activist shareholder group Follow This. \u201cOnly Shell\u2019s shareholders can change the board\u2019s mind by voting for our climate resolution at the shareholders\u2019 meeting in May.<\/em><\/p>\n\n\n\n

\u201cThis backtracking removes any doubt about Shell\u2019s intentions: the company wants to stay in fossil fuels as long as possible. The board not only endangers the global economy by exacerbating the climate crisis but also puts the company\u2019s future at risk through policy interventions, disruptive innovation, stranded assets, and accountability for the costs of climate change.\u201d<\/em><\/p>\n\n\n\n

https:\/\/www.current-news.co.uk\/shell-bets-on-paris-climate-agreement-failure-with-scaled-back-emission-reduction-targets<\/a><\/p>\n\n\n\n

Of course, as we know, there was no legally binding agreement at Paris to cut emissions \u2013 the actual text even acknowledged that emissions would carry on rising up to 2030.<\/p>\n\n\n\n

The silly activist investor, Mark van Baal, can stamp his little feet as much as he wants; but economic reality will always win out in the end.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Of course, as we know, there was no legally binding agreement at Paris to cut emissions \u2013 the actual text even acknowledged that emissions would carry on rising up to 2030.<\/p>\n","protected":false},"author":121246920,"featured_media":310482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818076,691818154,691821042,691819831],"class_list":{"0":"post-310478","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-co2","9":"tag-net-zero","10":"tag-paris-climate-agreement","11":"tag-shell","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/image-251.png?fit=1600%2C900&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1iLI","jetpack-related-posts":[{"id":326385,"url":"https:\/\/climatescience.press\/?p=326385","url_meta":{"origin":310478,"position":0},"title":"Climate 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