The British-Dutch company Royal Dutch Shell said that the peak of oil production for it has already passed. The energy giant has unveiled an energy transformation plan that includes phasing out fuels and moving towards cleaner energy sources. Bloomberg reports.
The company estimates that its production of traditional fossil fuels will decline by about 1–2 percent per year and will be 55 percent lower by 2030 than currently. Shell’s specific emissions are expected to decline by 6-8 percent by 2023 compared to 2016. By 2030, the reduction rate will reach 20 percent, by 2035 – 45 percent, by 2050 – 100 percent.
“We must provide our customers with the goods and services they want – products with a lower carbon footprint,” the company said. Shell has previously announced more modest targets to reduce hydrocarbon emissions. Previously, Shell expected that the volume of carbon dioxide produced would decrease by at least 3 percent by 2022, by 30 percent by 2030 and by 65 percent by 2050, CNBC notes.
In early February 2021, Shell reported that its net loss for 2020 was $ 21.68 billion. For comparison, in 2019 the company made a profit of $ 15.8 billion.