Shell identified six options to achieve decarbonization of the company’s operations in a bid to lower carbon emissions as detailed in the Shell Energy Transition Progress Report published Wednesday.
Firstly, the company aims to make portfolio changes such as acquisitions and investments in new, low-carbon projects to lower its carbon footprint. Shell plans to divest assets and reduce production through the natural decline of existing oil and gas fields.
Its second recommendation is for Shell to transform the remaining five refineries into low-carbon energy and chemicals parks, the report revealed.
Thirdly, the company plans to improve the energy efficiency of the company's operations. For its fourth option, the report outlines Shell's commitment to using more renewable electricity to power its operations.
In a bid to lower emissions, the company's fifth proposal aims to develop carbon capture and storage for their facilities.
Lastly, if required Shell will use nature-based solutions to offset any remaining emissions from operations.
'We are working with our customers to provide the energy they need today, and to accelerate the energy transition. This means changing our portfolio of products as we provide low- and zero-carbon energy products and services such as biofuels, hydrogen and renewable electricity,' Shell said.
It added that if customers are not able to use these products, the company will help them to store and offset remaining emissions through carbon capture and storage and by providing high-quality, nature-based solutions.
'By 2050, we will no longer serve customers who have unmitigated carbon emissions,' Shell said.
'The actions Shell takes over the coming years, and our progress against our short- and medium-term targets, will be crucial steps to ensure that we become a net-zero emissions energy business by 2050,' Andrew Mackenzie, chairman of Shell said.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr