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The Times: Shell rejects ‘arms race’ with BP over carbon cuts

Friday February 21, 2020

Royal Dutch Shell will not “get into an arms race” with BP over carbon targets, a senior executive has said, in a sign that Europe’s biggest oil group will not rush to match its rival’s “net zero” pledge.

The Anglo-Dutch group was the first oil major to set long-term ambitions related to emissions from customers using its products, pledging in 2017 to halve the intensity of its carbon footprint by 2050.

BP had been seen as a laggard on climate targets but last week Bernard Looney, its new chief executive, leapfrogged rivals with an ambition to eliminate the carbon footprint of all the oil and gas it produces by 2050.

Maarten Wetselaar, head of Shell’s gas and power divisions, defended its “very significant commitments” but…

FULL ARTICLE (Paywall)

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