Shell lowers its climate targets

Shell has published an update to its climate strategy. The Group is lowering its target for reducing the carbon intensity of its portfolio (15-20% compared with 2016, compared with 20% in the initial strategy). The new strategy will no longer include a carbon footprint reduction target (the initial strategy included a target of reducing the Group's carbon footprint by 45% by 2035). The Group justifies this step backwards by a change of strategy in the electricity sector: Shell has given up developing the market for the sale of electricity to residential customers and has decided to concentrate on certain markets such as the United States, Australia, India and Europe. Growth in electricity sales is expected to be lower than initially forecast, with a mechanical impact on targets for reducing carbon intensity and carbon footprint.