Shell plans to make further investment in renewables generation as part of plans to become a net-zero emissions energy business by 2050 or sooner.
The Dutch oil major said that “maturing” spending in green electricity was among a “several options” to reduce its net carbon footprint.
The company, which already has investments in renewables including the Borssele 3&4 offshore wind farm in the Dutch North Sea, also said governments need to introduce long term policy to support the development of renewables.
Overall, Shell aims to reduce the net carbon footprint of the products it sells by 65% by 2050, instead of 50%.
The company will outline steps in its Investment Annual Briefing to reduce emissions from the manufacture of all its own products, emissions created by its operations and emissions from its products used by customers.
Shell will achieve its net-zero goal by or before 2050 by producing and selling more products with a zero-carbon or lower carbon footprint, including renewable power, biofuels and hydrogen.
“Society’s expectations have shifted quickly in the debate around climate change. Shell now needs to go further with our own ambitions, which is why we aim to be a net-zero emissions energy business by 2050 or sooner. Society, and our customers, expect nothing less,” said chief executive Ben van Beurden.
Shell will also “pivot towards” serving businesses and sectors that are also net-zero emissions by 2050.
Investments the company is making to transform its business so far include offshore wind, solar, green hydrogen production, where the gas is made from electrolysis using renewable electricity, electric vehicle and fuel cell charging infrastructure.
Beurden added: “With the COVID-19 pandemic having a serious impact on people’s health and our economies, these are extraordinary times.
“Yet even at this time of immediate challenge, we must also maintain the focus on the long term.”