THE HAGUE (dpa-AFX) - British energy major, Shell Plc (SHEL), said on Wednesday that it is significantly raising its expenditure on low- and zero-carbon energy, to support the company and its customers to meet their climate targets.
In its notice for the Annual General Meeting of the shareholders, the company stated that in 2025, the oil and gas company expects around 50 percent of its total expenditure to be on low- and zero-carbon products and services across all our businesses.
Most of that 50 percent is on low- and zero-carbon energy products and services such as biofuels and hydrogen, power, nature-based fuels solutions, and others.
By the end of 2024, the Group is aiming for a reduction in its net carbon intensity of by 9 percent to12 percent compared with 2016, which is a significant step up on its 2 percent to 3 percent target for 2021.
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