Shell has vowed to accelerate its plan to become a net-zero carbon energy company by 2050, but will continue to grow its gas business by more than 20% in the next few years. Shell's oil production reached a peak in 2019, and will continue to fall by 1-2% a year, but the fossil fuel multinational plans to expand its capacity for exporting gas by 7m tonnes a year by the middle of the decade. Shell has capacity to export 33.3m tonnes of liquefied natural gas (LNG) on super-chilled tankers every year, meaning its near-term plan to grow the business will increase its LNG capacity by more than a fifth within a crucial decade for avoiding a climate catastrophe . It plans to offset its own carbon emissions, and the carbon emissions from the fossil fuels it sells, by accessing carbon capture projects and "nature-based solutions" such as planting trees or restoring natural habitats. Shell is involved in three carbon capture projects, one of which is operational, that will be able to capture 4.5m tonnes of carbon a year once complete. It hopes to directly access enough projects to capture another 25m tonnes of carbon a year by 2035. The company… Read full this story
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