Europe's biggest oil company quietly shelves a radical plan to shrink its carbon footprint
- Shell CEO, Wael Sawan, abandoned the world's biggest corporate plan to develop carbon offsets, omitting any mention of the company's commitment to spend up to $100 million a year on carbon credits. This reflects a renewed focus on oil and gas and a recognition that the prior goals were unattainable.
- Shell's offsets program, which aimed to harvest 120 million carbon credits annually, has been retired. The company has not set new targets or specified how it plans to meet future climate commitments. Shell's struggle to find projects that meet its quality standards highlights the challenges of scaling high-quality offsets.
- Shell's decision to build its own supply pipeline of offsets was influenced by a paper published by the Nature Conservancy in 2017, which emphasized the importance of nature preservation and restoration in reducing CO2 emissions. Shell aimed to avoid controversy surrounding carbon projects by developing its own supply.
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