Shell to become net zero emissions energy company by 2050

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The announcement comes during a trying period for the global oil industry, with the International Energy Agency predicting yesterday that global oil demand will fall 29 per cent in April as a result of the coronavirus pandemic, down to a level last seen in 1995, and and nine per cent this year.

Last weekend, OPEC+ agreed to reduce oil output by 9.7 million barrels per day for May and June, four times the previous cut made in 2008.

Adam Matthews, Director of Ethics and Engagement of the Church of England Pensions Board, Board Member of the Institutional Investors Group on Climate Change, and Co-lead as part of the Climate Action 100+ dialogue with Shell, added: “This announcement significantly increases Shell’s ambitions and commitments.

“It is indicative of Shell’s confidence in not only navigating the immediate situation but rightly sets the focus on developing net-zero pathways in key sectors that shape the demand for energy.

“Ultimately, it will be by developing and supporting net-zero pathways in these sectors that we will achieve the goals of the Paris Agreement.”