Shell's 'Delusional' Net Zero Strategy Commits $8 Billion to Fossil Fuels

[NeoGreen]

https://www.desmogblog.com/2021/02/11/shell-net-zero-oil-fossil-fuels

Shell’s 'Delusional' Net Zero Strategy Commits $8 Billion to Fossil Fuels
Shell’s new net zero strategy is “grotesque” and includes an “impossible” reliance on tree-planting, campaigners have claimed.

The oil major today revealed an “accelerated” strategy to reduce oil production and decarbonise its products by 2050.

Shell’s oil production peaked in 2019, the company confirmed. Under the new plans, oil and gas production would fall 55 percent by 2030, with an “expected gradual reduction” in oil production of one to two percent a year, including divestments and natural decline.

But environmentalists claim Shell’s approach requires a continued reliance on fossil fuels, as well as a “delusional” reliance on nature-based solutions to reach decarbonisation.

(snip)

'Brazen’

However, Shell’s improved targets were overshadowed by its plans to pour $8 billion a year into oil exploration and gas pumping in the short term, in contrast to $2 to $3 billion a year into renewables and hydrogen.

The oil firm's strategy also involves buying an additional 25 million tonnes a year in controversial carbon capture and storage (CCS) capacity by 2035, in addition to 4.5 million tonnes already at the operational or planning stage.

Shell has also said it would expand its delivery of liquified natural gas (LNG) by seven million tonnes a year until 2025, while promising customers the option of “carbon neutral” LNG to help with their own carbon footprints through offsetting. Shell already gives its business customers the option of offsetting natural gas emissions through buying voluntary carbon credits from “nature-based products around the world”.

Carbon Capture
Try to capture what was already naturally sequestered.