Netherlands/UK · Oil Gas · Scope 1+2 118 MtCO2e (2023)
EU ETS, UK ETS, multiple national schemes. 2023 ETS allowance purchase cost: $779 million
High — annual + sustainability reports; CDP reporter; SBTi-aligned (A 1.5°C ambition)
2050 net-zero target with near-term intensity-based targets; scale CCS and biofuels; gradual upstream transition
Shell is one of the largest corporate VCM buyers. Reputational and SBTi-compliance exposure on retired tonnes. Proof-pack-equivalent procurement requirement protects downside. Shell also operates upstream projects that could generate proof-pack-equipped removal tonnes.
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