Shell is looking to cut the carbon emissions intensity of its products in half by 2050 even as the operator promises to make significant investments in its core upstream oil and gas business.
While the company plans to spend billions of dollars each year on exploration and development of traditional oil and gas assets, it will also allocate an average of $2 billion to $3 billion annually from 2021 to 2025 for its “new energies” business unit.
