Shell has weakened its 2030 carbon reduction target amid a strong demand for gas, but the energy giant reaffirmed its plans to be net zero by 2050.
Its latest energy strategy update set out fresh plans to reduce the carbon emissions intensity of the energy it sells by 15-20% by 2030 compared with 2016 levels, an easing of the previous target of 20%.
The company also scrapped a previous target to reduce its carbon intensity by 45% by 2030.
Shell is the latest major energy company to soften its climate policies after BP delayed its targets as energy costs soared amid supply concerns.
Fresh targets
Progress is being made on commitments to halve emissions from its own operations by 2030 with more than 60% of the target being achieved.
And the company introduced a new goal to cut emissions from oil products sold to customers by 15-20% by 2030, compared with 2021 levels.
Wael Sawan, chief executive of Shell, said: "Shell has a very important role to play in providing the energy the world needs today, and in helping to build the low-carbon energy system of the future.
"Our focus on performance, discipline and simplification is driving clear choices about where we can have the greatest impact through the energy transition and create the most value for our investors and customers.
"We believe this focus makes it more, not less, likely that we will achieve our climate targets.
By providing the different kinds of energy the world needs, we believe we are the investment case and the partner of choice through the energy transition."