Shell weakened a 2030 carbon reduction target and scrapped a “perilous” 2035 objective, citing expectations for strong gas demand and uncertainty in the energy transition even as it affirmed a plan to cut emissions to net zero by 2050.
Shell’s retreat follows a similar move by rival BP last year, as many governments around the world slowed down the roll-out of climate policies and delayed targets amid soaring energy costs and supply concerns.
