Shell weakens climate pledge
£8M BOSS CITES ‘ORDERLY TRANSITION’
OIL giant Shell has watered down its pledge to cut climate-threatening emissions while revealing its boss was paid nearly £8million last year.
The move by the industry giant, which made a packet from soaring wholesale energy costs that have hammered households, has been slammed by green campaigners.
The company’s retreat follows a similar downgrading by rival BP last year.
In its annual report Shell said it will now target a 15% to 20% reduction in the “net carbon inten- sity” of its energy products by 2030, compared to a previous 20% target.
The firm also said it would increase production and sales of liquefied natural gas. Most of Shell’s emissions come from the burning of fuels and products it sells to customers.
Chief executive Wael Sawan said: “The world must achieve an orderly transition away from fossil fuels to low-carbon energy to achieve net zero emissions.” But Philip Evans, campaigner at Greenpeace UK, said: “With floods, fires and climate chaos raging around the world it is all the more alarming.”
Oil companies have long been accused of profiting from the climate crisis and not doing enough to switch to cleaner renewable energy. Shell’s report also revealed fatcat boss Sawan was handed a total pay packet worth £7.94m last year. Andrew Speke, spokesman for think tank the High Pay Centre, said: “Whether it’s ordinary people who are struggling with paying their energy bills or the growing threat of catastrophic climate change, what today’s annual report shows is that these are not major concerns for Shell. Instead the company is more interested in prioritising the enrichment of their executives.”