Shell aims to retire 120 million tonnes carbon dioxide equivalent of carbon credits in 2030, roughly 20 times the amount it did in the coronavirus pandemic-affected year of 2021.
Carbon retirement involves removing credits from the carbon market so that they can no longer be traded or swapped. The move is intended to eliminate duplicate counting and ensure that a certain amount of carbon dioxide has been reduced.
In a report detailing plans to enhance carbon capture and storage (CCS), renewables, hydrogen production, electric vehicle charging, and sustainable aviation fuel capacity, Shell claimed its net total emissions reduced 16% in five years to 1,375 million tonnes of carbon dioxide in 2021.
