Nov 3, 2021
Oil giant Shell says it needs oil output to fund green shift
The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. Shiu Ling Laew from consultancy firm Climate Insights has analysed the oil firm's spending plans and estimates that Shell will be producing more emissions by 2030 than it is now as it intends to grow its gas business. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise.
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