Oil company Shell said it has now passed peak oil production as it sets out to achieve net-zero emissions by 2050.
In a statement, the company confirmed that its total oil production peaked in 2019 while total carbon emissions peaked in 2018 at 1.7 gigatonnes per annum.
It would now expect a 1-2 percent reduction each year in oil production.
Meanwhile, Shell’s target of achieving net-zero emissions by 2050 will cover its operations and all of its energy products.
“And crucially, it includes emissions from the oil and gas that others produce and Shell then sells as products to customers, making the target comprehensive,” they added.
Royal Dutch Shell CEO Ben van Beurden said, “We must give our customers the products and services they want and need – products that have the lowest environmental impact. At the same time, we will use our established strengths to build on our competitive portfolio as we make the transition to be a net-zero emissions business in step with society.”
They target to reduce their net carbon intensity by 6-8 percent by 2023, 20 percent by 2030, 45 percent by 2035 until it reaches the 2050 goal.
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