The “net carbon intensity” reduction is now set between 15-20%, compared to the previous 20%. Shell claims that the energy industry is transitioning at an uncertain pace, and that investment in oil and gas is still necessary. This directly contradicts the International Energy Agency (IEA), which has stated that no new investments in fossil fuels are required to achieve climate goals. On top of this, Shell is prioritising investment in liquefied natural gas (LNG) over renewable electricity generation. Shell’s new targets follow BP’s weakening of its climate targets last year.

Source: Carbon Brief