The photo is sourced from gasstrategies.com
Shell said a single ruling against a single corporation would have no tangible effect on climate change.
A company statement said it sought to accelerate the introduction of its “Powering Progress” corporate strategy, which calls for zero emissions by 2050 – in accordance with the pace of implementation of the Paris climate accords throughout the world. Within the framework of that strategy, it said, Shell had already set down short-term and medium-term target indicators for reducing emissions.
“We agree urgent action is needed and we will accelerate our transition to net zero,” Royal Dutch Shell Chief Executive, Ben van Beurden, said in the statement.
“But we will appeal because a court judgment, against a single company, is not effective. What is needed is clear, ambitious policies that will drive fundamental change across the whole energy system. Climate change is a challenge that requires both urgent action and an approach that is global, collaborative and encourages coordination between all parties.”
Shell published details of its Power Progress strategy last April. The court did not take those details into account as its hearings on which the ruling was based took place several months earlier, Shell said in its statement.
Shell noted that it was the first energy company to put its energy transition strategy to a vote of shareholders at its Annual General Meeting and secured 89 % support.
Shell last February updated its strategic aims for achieving climate neutrality by 2050, stating that the company’s overall volume of CO2 emissions had peaked in 2018 (1.7 gigatonnes per year) and its oil production had peaked in 2019.
By 2023, Shell intends to reduce emissions by 6-8 % compared to 2016 levels, by 20 % by 2030, by 45 % by 2035 and 100 % by 2050.