British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts while maintaining its pledge to become a net-zero company by the middle of the century.
In its latest energy transition strategy update, the oil and gas major said it is now aiming to reduce its net carbon intensity on the third-party use of products it sells by 15% to 20% till 2030, compared with a previous target of 20%.
Shell said it had also dropped its goal of a 45% reduction by 2035, citing “uncertainty in the pace of change in the energy transition.
Last month, in an exclusive interview with CNBC-TV18, Shell CEO Wael Sawan stressed that the company is betting on the energy transition. However, Sawan is most worried that the energy transition does not happen at the pace the company would hope for.
He stated, "What I think the industry is trying to do is to move at a pace that is commensurate with being able to ensure that we create value for our shareholders while we transition the company towards lower and lower carbon. If you get the first one wrong, you won't have the opportunity to be able to transition. And so it's finding that balance.”
Moreover, the company is also planning to lay off over 20% of jobs in its deals team, in an effort to reduce costs, Bloomberg News reported on Wednesday.
The deals division of Shell has hundreds of employees who oversee mergers and acquisitions for the company. According to the report, the employees in this division were informed that there would be significant job cuts, for which further details will be communicated in April.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM