Shell giving up specific targets for carbon offsets, CEO says (NYSE:SHEL) - Seeking Alpha
Shell giving up specific targets for carbon offsets, CEO says (NYSE:SHEL) | Seeking Alpha
Shell giving up specific targets for carbon offsets, CEO says
Shell plc (SHEL) By:
Carl Surran, SA News Editor
22 Comments Sjo/iStock Unreleased via Getty Images
Shell (NYSE: SHEL) has given up on specific spending and volume targets for carbon offsets, CEO Wael Sawan told the Energy Intelligence Forum in London on Tuesday.
Shell ( SHEL) had said previously that it wanted to spend ~$100M annually on offsets and use credits worth up to 120M metric tons/year of CO2 equivalent by 2030.
This strategy is to "continue to drive my nature-based solutions organization, not to spend the certain amount or not to spend at any cost to get a certain number of credits, but to actually drive what was going to be a viable business for us as a company," Sawan said.
Separately, Sawan reportedly told Shell ( SHEL) staff at an internal townhall meeting Tuesday that he " believes in urgent climate action," but affordability is the major challenge in the transition to cleaner energy sources.
Sawan, who took the top job in January, has said Shell ( SHEL) is refocusing on its core oil and gas business in an effort to improve returns to investors.
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