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SHELL’S RESPONSE TO CLIMATE CASE RULING

SHELL’S RESPONSE TO CLIMATE CASE RULING

May 26, 2021

English Translation below

Today the court in The Hague has ruled in the climate case of Milieudefensie, other NGOs and private individuals against Royal Dutch Shell (“Shell”).

“Urgent action is needed to tackle climate change. That’s why we’ve accelerated our efforts to become a net zero emissions energy company by 2050, moving with society, with short-term goals to track our progress. ”

“We are investing billions of dollars in low-carbon energy, including charging points for charging electric vehicles, hydrogen, renewables and biofuels. We want to increase the demand for these products and scale up our new energy companies even faster. ”

“We will continue to focus on these efforts and expect to appeal the disappointing court ruling today.”

We continue to take significant steps to accelerate our transition to a company with net zero emissions. This also includes working with our suppliers, customers and other partners to reduce their emissions. To find the solutions the world demands, we continue to engage with NGOs, partners in industry, governments, the knowledge and research sector, shareholders and wider society. In the Netherlands, for example, this contributed to the realization of the national Climate Agreement.

Here are some of the key milestones we’ve achieved so far to become a net zero emissions energy company:

  • In 2021, we were the first energy company to give investors an advisory voice on our energy transition strategy .
  • In 2020, we announced our goal of becoming a net zero emission energy company by 2050 , in line with society’s progress towards the Paris Agreement goal. This is an integral target that includes our own emissions as well as those resulting from the use by our customers of the products we supply. Not just what we get out of the ground, but everything we sell.
  • In 2019, we published the first Industry Associations Climate Review , assessing the alignment between our climate-related policy positions and those of 19 major industry associations of which we are members. In the case of fundamental misalignment, we will judge whether it is better to withdraw.
  • In 2019, we were the first major energy company to match executive compensation with our goal of reducing our net carbon footprint.
  • In 2017, we announced our ambition to reduce the carbon intensity of the energy products we sell. It is important to note that this also applies to the full life cycle emissions from the use of our energy products by customers.

Our company in the Netherlands is changing:

  • We have taken our second offshore wind farm into use and are about to build the third together with Eneco.
  • We have already built about 200 fast charging points, by the end of the year there will be 250. For electric driving we offer 100% green electricity nationwide. In addition, we provide home charging and we offer 200,000 charging points throughout Europe through our subsidiary NewMotion.
  • We are opening hydrogen filling stations (motorists and public transport) and have plans to build electrolyzers in the Port of Rotterdam and Eemshaven for the production of green hydrogen from green electricity. These hydrogen factories can reduce emissions from industry, are central to new value chains (hydrogen from wind for industries / freight transport) and create jobs.
  • Together with our partners Renewi and Nordsol, we develop biofuels, such as bio-LNG from bio-waste for more sustainable freight transport.
  • We have begun construction on what will be our fourth solar park, with more to come. 

TRANSCRIPT OF VIDEO

English Translation

“Urgent action is needed on climate change which is why we have accelerated our efforts to become a net-zero emissions energy company by 2050, in step with society, with short-term targets to track our progress.”

“We are investing billions of dollars in low-carbon energy, including electric vehicle charging, hydrogen, renewables and biofuels. We want to grow demand for these products and scale up our new energy businesses even more quickly.

“We will continue to focus on these efforts and fully expect to appeal today’s disappointing court decision.”

We continue to take significant steps to accelerate the transition of our business to net-zero emissions, which includes working with our suppliers, customers and other partners in reducing their emissions. To find the solutions the world needs, we continue to engage in dialogue with NGOs, industry partners, governments, academia, shareholders and wider society. In The Netherlands for example this contributed to a national climate accord.

Important milestones on our journey so far to become a net-zero energy company include:

  • In 2021 we became the first energy company to offer investors an advisory vote on our energy transition strategy .
  • In 2020 we announced a target to become a net-zero emissions energy business by 2050 , in step with society’s progress as it works towards the Paris Agreement goal. This target is comprehensive, because it includes our own emissions, as well as emissions from our customers’ use of all the energy products we supply. Not just what we get out of the ground, but everything we sell.
  • In 2019, we published the first Industry Associations Climate Review , which reviewed the alignment between our climate-related policy positions and those of 19 key industry associations of which we are a member. In cases of material misalignment, we will evaluate whether to walk away.
  • In 2019 we were the first major energy company to connect executive pay to our target to reduce our Net Carbon Footprint.
  • In 2017, we announced our ambition to reduce the carbon intensity of the energy products we sell. Crucially, this included the full life-cycle emissions from the use of our energy products by customers.

Our business is changing in The Netherlands, where we:

  • Have taken our second wind farm at sea into operation and together with Eneco are on the verge of building our third.
  • Have built around 200 fast charging points, increasing to 250 by the end of the year. We offer nationwide 100% green electricity for electric driving. Moreover, we provide home charging and offer 200,000 charging points throughout Europe, through our subsidiary NewMotion.
  • Are opening hydrogen fueling stations (motorists and public transport) and have plans to build electrolysers in the Port of Rotterdam and the Eemshaven for green hydrogen production from green electricity. These hydrogen plants could reduce industry emissions, are at the center of new value chains (wind to hydrogen to industries / freight transport) and provide jobs.
  • Are developing biofuels, such as bio-LNG from biowaste with our partners Renewi and Nordsol for more sustainable freight transport.
  • Started building what will be our fourth solar park, with several more to come.
  • Legal Disclaimer

    The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this content “Shell”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ” Subsidiaries ”, “Shell subsidiaries” and “Shell companies” as used in this content refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements about which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities about which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and / or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    Also, in this content we may refer to Shell’s “Net Carbon Footprint”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers ‘carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Footprint” is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries. It is important to note that as of May 26, 2021, Shell’s operating plans and budgets do not reflect Shell’s Net-Zero Emissions target. Shell’s aim is that, in the future, its operating plans and budgets will change to reflect this movement towards its new Net-Zero Emissions target.

    This content contains forward-looking statements (within the meaning of the US Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, ” expect ”, ” goals’ ‘,’ ‘intend’ ‘,’ ‘may’ ‘,’ ‘objectives”, ” outlook ”, ” plan ”, ” probably ”, ” project ‘ ‘,’ ‘risks”, ‘schedule’, ” seek ”, ” should ”, ” target ”, ” will ” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this content, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this content are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell’s Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investor  and  www.sec.gov  ). These risk factors also expressly qualify all forward-looking statements contained in this content and should be considered by the reader. Each forward-looking statement speaks only as of the date of this content, May 26, 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this content.

    We may have used certain terms, such as resources, in this content that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website  www.sec.gov .

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