Climate breakdown cannot be a niche issue - it has to be a priority for us all. So we should welcome the Net Zero Festival, run by BusinessGreen, as an attempt to wake up mainstream businesses to the necessity of rapid transition to net zero carbon. As exemplified by sponsors…
...Heathrow, Drax, Shell?
Hang on. Finding these names among the sponsors, one can hardly fail to notice that they are hardly companies usually held up as examples of climate leaders. What is going on? Is Shell switching from oil and gas to renewables and we somehow missed the announcement?
Unfortunately not. What Shell actually produced earlier this year is a ‘net zero carbon plan’. This promises to cut a small part of the company’s own emissions (those unrelated to burning the oil and gas it extracts) to net zero by 2050 by offsetting. As for the majority of Shell’s emissions which come from customers burning its product, there is no target to reduce total emissions, let alone reduce oil and gas production. Instead, Shell promises to reduce ‘carbon intensity’ by two thirds. This could be by increasing production of renewable energy and biofuels alongside oil and gas, and also offsetting. It further promises to work with customers who burn its product to ensure they capture the carbon or offset emissions.
Interesting. However, notable by their absence from Shell's plan are any proposals to stop exploring for new oil and gas; to halt new extraction; to phase out production in the short or long term; or to invest in a just transition for workers. Before the pandemic, Shell was planning more than 35 new oil and gas projects by 2025. Half of the 24 “major projects” in its investment profile are deep water oil and gas projects, which it says have “significant growth potential.”