Six months after becoming chief executive officer at Shell Global oil company, Wael Sawan has apparently ended the world’s biggest corporate plan to develop carbon offsets, the environmental projects designed to counteract the supposed warming effects of CO2 emissions.
In reporting from Bloomberg News, it appears Sawan is making a pivot by abandoning the company’s carbon offset initiative.
According to Bloomberg, the shift was revealed during an all-day investor event in June, when Sawan presented his updated strategic roadmap for the company, which focused on cutting costs and maximizing profit, but had no reference at all to the company’s previous climate pledge of up to $100 million annually for the development of a comprehensive “carbon credit portfolio.”
The carbon credit initiative formed a cornerstone of Shell’s commitment to achieving net-zero emissions by 2050.
The Dunleavy Administration has been pursuing carbon credits as a revenue stream for the state. One of the aspects of this initiative is to sell carbon storage to energy companies doing oil and gas development.
Shell has yet to disclose any new targets for future offset development or provide specific insights into how it intends to fulfill its forthcoming climate obligations in light of these developments.
Sawan’s realignment shows recommitment to Shell’s core oil and gas operations, which have historically been the backbone of the company’s profits, as well as an acknowledgment that the aspirations related to carbon offsets were fundamentally unattainable.
The carbon market has been lucrative, but is still in its infancy. Shell first set a budget of $200 million for carbon projects from Africa to South America, but results have fallen short of expectation, Bloomberg reports.
“Until now, much of the criticism has focused on quality. Many investigations, including several by Bloomberg Green, have found that many offsets don’t deliver the environmental benefits they promise. Shell set out to solve that problem, with stringent requirements, deep pockets and more than a century of engineering expertise, and quickly learned that focusing on quality limited supply. It could have good offsets, or a lot of them, but not both,” Bloomberg reported.
“It’s really hard to get scale from high-quality credits,” said Gilles Dufrasne, carbon policy officer at Carbon Market Watch. “The two forces”—volume and quality—“work against each other.”
Climate change is a hoax
Hoax is defined as a humorous or malicious deception. There is nothing humorous or deceiving, regarding 8 billion people multiplying, consuming, and polluting the Earth and it’s atmosphere, which is 4 billion more than 50 years ago. But no worry, by the time it affects everyone on the planet, most people alive today won’t be around to see and feel it’s full effects. Eventually, Alaska will receive more than it’s fair share of global warming refugees, from every part of the globe. Everything will be effected, unless you’re dead.
The Hoax is defined by the character of the idiots ranting about it.
Said John Kerry as he zooms around the planet in his private jet.
He took lessons from Al Gore who wastefully resides in a 10,000 square foot mansion with a carbon footprint equal to 70 homes occupied by the serfs that he preaches his “gospel” to.
THEY are the “Hoax”!
Slight of hand is a common ploy of climate alarmists. If your argument does not work then change the subject. BUT! Climate change is not pollution is not over population. The terms/problems are not interchangeable as each has a different cause and solution.
Also, you mention “which is 4 billion more than 50 years ago.” What is? What are you referencing here?
Climate change is real. Natural climate change has been ongoing since the beginning of time. Anthropogenic climate change is the hoax.
Thank you.
The only government give away worse than a credit, is a subsidy. Shell chose to go the subsidy route to maximize their profits.
Oh “Frank”
You’ve been in rare form lately.
Do you have a basic understanding of business?
Walks like a scam, talks like a scam, probably a scam!!
That our useless governor went for.
well it would make him the peltolas and many other of alaska’s political elites some serious coin
The emperor has no clothes.
We don’t need Carbon Credits! We need to be Drilling for Oil & finding Gas for South Central.
The “carbon credit market” is like bitcoin. At best, a pipe dream. Most likely a fraud.
Bitcoin today 25,590.60USD
Perhaps a better analogy?
I sincerely hope that Shell’s ostrich tail feathers, bum and legs don’t get sunburned.
FINALLY(!!!) … The truth is prevailing!
GREAT NEWS!! Finally pushback on the morons.. About time..
Climate change politics is the biggest fraud in American history, ……after the 2020 election for the US presidency.
The carbon credits need to stop, social scores need to stop.. All of it was a plan by the elites and the Left to cripple our country in the name of climate change. Well got news for y’all, the climate is changing and will continue to change because that is what EARTH DOES.
Shell oil needs to be commended for pushing this crap back! It all needs to go away for us to get back to being a working nation, not one dependent on the highly corrupt American Government! Bravo!!👏
Right on point Daisy Mae, you speak truth. Bravo to Shell Oil for leading the way for all the oil companies in rejecting the idiotic nonsense being promoted by the leftist loonies, and Bravo to you in calling them out. Shell is taking the first step in reclaiming America’s potential to achieve her rightfull place leading the world in economic and sensible productivity!
Hallelujah, the climate change scam has come face to face with reality!
Look up how many Neutrons Electrons and Protons are in a Atom on Carbon. You will be surprised at the number or maybe not.
These are things that people need to submit comments about to the Alaska DOT – remember? They were asking for comments about how we could reduce our carbon output. I cannot remember if the commenting period ends in October or November?
2050 AMATS plan needs review and comment. Count how many times “non-motorized” appears and how many hundreds of millions in funding is proposed for this.
‘https://publicinput.com/Customer/File/Full/0117a173-df3e-4d02-8ea6-1ebeef9531f8
Interactive map of recommended projects:
‘https://www.arcgis.com/apps/webappviewer/index.html?id=fa50e00e92f542db8b7e5d13ee7aff8e
Comment
‘https://publicinput.com/2050_mtp
It is good to sea a major company do what they do best and quit worrying over the false climate change scare that the left is selling. It’s a money laundering game as the climate changes every day and they quit calling it global warming because we are not in a warming cycle. I am going to buy some shell stock.
It’s amazing how you can change the weather and lower the oceans with money, or so they say.
Good for Shell!! It is about time an oil company decided to take the correct action instead of being so afraid of the left that they are willing to do anything to avoid whatever words the left wants to throw out there at them. This hoax has been promoted since the 60’s, first as a global cooling, then a global warming, now climate change. Well climate change happens people. Deal with it. I am a promoter of leaving our planet cleaner than we found it, but not succumbing to the useless talk of climate change which is a REAL DOLLAR EARNER by those who should never be in power.
AMEN
First the governor was all in on ESG scoring and then when he realized there was massive pushback, he came out in opposition. Newsflash….Carbon offsets are determined by ESG regulations. The governors greatest score was hoodwinking 58 representatives to buy into this ponzi scheme. It was all about grabbing more government money selling unicorns at the government hotdog stand. Now watch the rats abandon ship in this coming election cycle.
Folks, we haven’t even begun to see the effect of the Inflation Reduction Act (Marxist/fascist/socialist Green New Deal) wrap your eyeballs and brains around THESE facts! If you don’t just get in the back of the bus and enjoy your ride to dystopian nightmare. There has been a very vocal group in Alaska on this all year called wethepeoplealaska.org but it has been ignored and abused.
Commissioner Boyle is running around saying to any who will listen that CCUS is the governor’s number one priority this legislative session. Think about that. Instead of taking care of about a million other things they should be doing, we’ll see them tied up in being the WEF’s little tools.
The cause:
‘https://wethepeoplealaska.substack.com/p/enemy-in-the-gates-how-private-equity
And the effect:
‘https://www.cato.org/blog/iras-energy-subsidies-are-more-expensive-you-think
How damaging is it that some of us choose to be reactive instead of proactive?
Dunleavy needs to be held accountable!
What the hell is wrong with downing, is your friend getting caught in the middle of a scam?
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