Shell Dumps Carbon Offsets

Posted by John Donovan: 20 Nov 2024

Shell Dumps Carbon Offsets: Because Saving the Planet Isn’t Profitable Enough

Oh, Shell, you sly devil. Once the self-proclaimed champion of greenwashing — sorry, “carbon offsets” — you’ve decided to ditch the whole charade. Turns out saving the planet doesn’t quite deliver the juicy returns you’re after. Under the enlightened leadership of CEO Wael Sawan, the oil behemoth is making its priorities crystal clear: screw nature, let’s drill for dollars.

Shell’s “Strategic Shift”: Translation—Show Me the Money

Remember when Shell launched its big, shiny carbon offset program in 2018? It was supposed to save the planet with 120 million carbon credits annually, becoming the biggest buyer of offsets in the world. But here’s the kicker: now that the price of REDD+ credits has plummeted (from $12.50 to a laughable $3.60), Shell’s accountants have officially decided that pretending to care about the environment just isn’t worth it. Why bother with these “low-carbon projects” when you can focus on what you do best — pumping fossil fuels and raking in cash?

Wael Sawan: Fossil Fuel Fanboy-in-Chief

When Wael Sawan took the reins in 2023, the world braced for… well, exactly what we’re seeing. Sawan immediately cut Shell’s annual $100 million carbon credit budget because, apparently, that’s just loose change in oil money terms. His big idea? Sell off those pesky nature-based projects that were cutting into Shell’s precious profit margins. Whether they sell a slice and keep buying credits or dump the whole thing outright, one thing is certain: Shell is over playing “green.”

Carbon Offsets? Meh. Let’s Try Something Harder!

Of course, Shell insists it’s still committed to tackling climate change. (Cue eye roll.) They’re now dabbling in Direct Air Capture (DAC), a technology so expensive and impractical it makes buying a private island look sensible. Sure, it’s “permanent” carbon removal — if you can afford to scale it up, which no one can. But hey, at least it sounds innovative, which should keep the shareholders happy for a while.

Speaking of Shareholders: Hello, BlackRock!

Let’s not forget who’s backing this circus. BlackRock, the financial titan that loves to wax poetic about sustainability, holds a nice chunk of Shell’s stock. You’d think a firm that preaches ESG investing would steer clear of a company so gleefully slashing its “green” initiatives. But no — when there’s money to be made, principles are just inconvenient footnotes.

Shell’s Corporate Spin Cycle: A Masterclass

Let’s sum this up: Shell is bailing on carbon offsets because the numbers don’t add up. Instead, they’re doubling down on the fossil fuel addiction that got us into this climate mess in the first place. Meanwhile, their biggest investors cheer from the sidelines, happy to ride the gravy train all the way to environmental catastrophe.

Congratulations, Shell. At least you’ve stopped pretending to care.

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