Royal Dutch Shell, one of the big oil companies, said this week that it could confirm that it had reached peak oil production in 2019. At the same time, it believes it will never produce as much again.
Shell also said it believes its carbon emissions peaked in 2018. Shell revealed both in a press release on Thursday, to convince readers that Shell is doing what it can to no longer contribute to climate change. .
From Shell’s release, my emphasis:
- will continue with short-term goals that will reduce carbon emissions as we move toward our 2050 goal, linked to the compensation of more than 16,500 employees. This includes a new set of targets to reduce our net carbon intensity: 6-8% for 2023, 20% for 2030, 45% for 2035 and 100% for 2050, using a 2016 baseline. ;
- expects its total carbon emissions to reach a maximum of 1.7 gigatonnes per year in 2018;
- confirms that its total oil production peaked in 2019;
- will attempt access to an additional 25 million tonnes of annual carbon, capture and storage (CCS) capacity by 2035. Currently, three key CCS projects are part of Shell, Quest in Canada (in operation), Northern Lights in Norway ( sanctioned) and Porthos in the Netherlands (expected) will add up to around 4.5 million tonnes of capacity;
- aims to use nature-based solutions (NBS), in line with the philosophy of avoiding, reducing and mitigating only, to offset the emissions of about 120 million tons per year in 2030, with which we use with the highest quality independently verified;
[…]
A gradual reduction in oil production is expected to be around 1-2% each year, including divestments and natural decline.
That was enough not to satisfy some environmentalists, according to the New York Times, although this is to be expected; until we get to the other side of climate change, some things will never be enough. Still, the speed with which oil companies have moved is a little crazy.
Greenpeace UK said in a statement that without specific commitments on production cuts, Shell’s strategy could not be successful or “taken seriously”. Greenpeace also called Shell’s plans to offset emissions by establishing and protecting forests and wetlands “delusional.”
[Adam Matthews, director of ethics and engagement of the Church of England Pensions Board] He said the increasingly detailed emission reduction plans from European oil companies were a major breakthrough three years ago, when such discussions were barely underway.
“In this space of time things have moved very significantly,” he said.
We don’t get carried away too much with praise; this is also a business decision and large multinational companies are not betting on the future of their company to do the right thing. But still, like someone who grew up with the old Big Oil: weird, man.