Shell decides against a more ambitious goal for reducing emissions, in part because it would cost the company a lot of money.
LONDON – Shell has ruled out setting targets to cutin absolute terms from customers' use of its products, its chair said in a report published on Thursday as the energy company faces increased activist and investor pressure over climate.
"The Board has considered setting a Scope 3 absolute emissions target but has found it would be against the financial interests of our shareholders and would not help to mitigateShell said that such Scope 3 targets would force it to reduce sales of oil products andThe rejection of the tougher emission reduction targets comes after Shell's new chief executive, Wael Sawan, signalled this month that the company was reviewing plans for a gradual reduction to oil output.
Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy orA Dutch court in 2021 ordered Shell to reduce its emissions by 45% by 2030. The company has appealed against the verdict.lawsuit targeting Shell's board over alleged climate mismanagement in a case that could have far-reaching implications on how companies tackle emissions.
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