Energy giant Royal Dutch Shell vowed to eliminate net carbon emissions by 2050, accelerating previous targets, as oil production was set to slowly decline from its 2019 peak.
The Anglo-Dutch company is in the midst of its largest overhaul yet as it prepares to expand its renewables and low-carbon business in the face of growing investor pressure on the oil and gas sector to battle climate change.
In a strategy update, Shell outlined plans to grow rapidly its low-carbon businesses, including biofuels and hydrogen, but spending will stay tilted towards oil and gas in the near future.
