Shell has set out its strategy to accelerate its transformation into a provider of net zero emissions energy products and services.
In the near-term Shell’s strategy will rebalance its portfolio, investing annually $2-3bn in renewables and energy solutions.
Renewables and energy solutions plans include the aim to sell around 560 terawatt-hours a year by 2030, twice as much as the amount of electricity that Shell sells today.
The company said it will make investments “go further” by partnering with others with the “emphasis for Shell being on managing clean electrons”.
Shell expects to invest $100m a year in “high-quality independently verified projects” on the ground to build a “significant and profitable” business to help customers meet their net zero emissions targets.
The company said it will also build on its hydrogen business by developing integrated hydrogen hubs to serve industry and heavy transport with the aim of achieving double-digit share of global clean hydrogen sales.
Shell also confirmed its expectation that total carbon emissions for the company peaked in 2018, and oil production peaked in 2019.
Shell CEO Ben van Beurden said: “Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society.
“We must give our customers the products and services they want and need – products that have the lowest environmental impact. At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society.
“Whether our customers are motorists, households or businesses, we will use our global scale and trusted brand to grow in markets where demand for cleaner products and services is strongest, delivering more predictable cash flows and generating higher returns.”