Shell to speed up emissions cuts, says oil output peaked

  • Date: 11-Feb-2021
  • Source: Associated Press
  • Sector:Oil & Gas
  • Country:Middle East
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Shell to speed up emissions cuts, says oil output peaked

LONDON (AP) “” Global energy company Shell said it plans to eliminate seven refineries and reduce production of gasoline and diesel fuel by 55% over the next decade as it unveiled new plans for reaching its goal of being carbon neutral by 2050.Royal Dutch Shell, which built its brand exploring for oil and natural gas in Africa, South America and the North Sea, said Thursday that the company's oil production peaked in 2019 and is expected to decline by 1% to 2% annually."Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society,“ Chief Executive Ben van Beurden said in a statement.ADVERTISEMENTCritics say energy companies like Shell are moving too slowly to cut carbon emissions blamed for global warming amid a United Nations drive to limit temperature increases to no more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial levels.Shell said it plans to increase production of liquefied natural gas, low-carbon fuels such as bioethanol and hydrogen as it seeks to eliminate or offset all carbon emissions from the company's operations and the products it sells.The company plans to increase its network of electric vehicle charging stations to about 500,000