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Shell Aims to Step Up Energy Transition after Landmark Court Ruling
New emerging realities for Royal Dutch Shell that had a plan to reduce emissions by 30% by 2030, however, it was not deemed sufficient by the court and the target must be increased to 45% by 2030. RDS will seek ways to accelerate its energy transition strategy and deepen carbon emission cuts following a landmark Dutch court ruling last month,
KEY INSIGHTS
- The court ruling in The Hague, where Shell is headquartered, could trigger action against energy companies around the world.“
- For Shell, this ruling does not mean a change, but rather an acceleration of our strategy,” according to CEO; van Burden
- The court ruling called for Shell to cut its absolute carbon emissions, a move that would force Shell to scale back its oil and gas business, which account for the vast majority of its revenue.
- Analysts say ruling could lead to a 12% decline in the company's energy output, including a sharp drop in oil and gas sales.
BOTTOMLINE
Despite the rising oil prices, however, the backdrop is one of considerable concern for Western oil majors as they digest the impact of a series of new realities on the climate agenda. The court ruling against Shell last month and the recent shakeup of the board at ExxonMobil are leading indicators of what oil companies should expect to come, if they lag in energy transition.
Shell Aims to Step Up Energy Transition after Landmark Court Ruling
Shell plans to appeal the May 26 court ruling that ordered it to reduce greenhouse gas emissions by 45% by 2030 from 2019 levels, significantly faster than its current plans.
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