Shell plc

Integrated Oil & Gas

SHEL

$ 60 1.8

Share price

$ 223 bn

Market Cap

$ 259 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

9.3x the weighted average for S&P 500

FY2021

Primary Climate Goal

Proj. YOY change in GHG emissions (Scope 1 + 2)

Weaker than the -5.1% weighted average for S&P 500

FY2022

Shell plc aims to reduce Scope 1 + 2 by 50% by 2030 from a base year 2016

This target has not been verified as science based according to SBTi

Secondary Climate Goal

Proj. YOY change in GHG emissions (all Scopes)

Weaker than the -6.9% weighted average for S&P 500

FY2022

Shell plc aims to achieve net zero for all Scopes by 2050

This target has not been verified as science based according to SBTi

GHG emissions and Carbon intensity

Shell plc reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2021 at 68,000 Kt (-3,000 /-4.2% y-o-y). Also positively, carbon intensity tumbled to 260 t (-133 /-33.9% y-o-y).

Shell plc's Scope 3 emissions declined marginally to 1,299,000 Kt (-5,000 /-0.4% y-o-y). The rate of decline has slowed vs. the previous periods (CAGR -5.6% since 4Q'18).

The company is committed to reducing Scope 1 + 2 by 50% by 2030 from a base year 2016, which translates into the estimated reduction of -2,944 Kt per annum over the period of FY2022 - FY2030. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Also, the company commits to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -47,138 Kt per annum over the period of FY2022 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2021Q4	68,000	60,000	8,000	1,299,000	261,504	260
2020Q4	71,000	63,000	8,000	1,304,000	180,543	393
2019Q4	80,000	70,000	10,000	1,551,000	344,877	232
2018Q4	82,000	71,000	11,000	1,637,000	388,379	211
2017Q4	85,000	73,000	12,000	1,591,000	305,179	279
2016Q4	83,000	72,000	11,000	1,545,000	233,591	355
2015Q4	81,000	72,000	9,000		264,960	306
2014Q4	86,000	76,000	10,000		421,105	204