meed-logo

line1 line2 line3
SIGN IN / REGISTER

Shell reduces Scope 3 emissions target

18 March 2024

UK-based oil major Shell is now targeting a 15-20% reduction by 2030 in the net carbon intensity of the energy products it sells, compared with 2016, against its previous target of 20%.

The company also plans to grow its liquefied natural gas (LNG) business in line with LNG being viewed as a critical fuel in the energy transition.

Related read: BP and Shell’s spending on renewables flatlines in 2023

“We are cutting emissions from oil and gas production while keeping oil production stable, and growing sales of low-carbon energy solutions while gradually reducing sales of oil products such as petrol, diesel and jet fuel,” the company’s Energy Transition Strategy 2024 report stated.

The firm aims to achieve net-zero emissions by 2050 across all its operations and energy products and said this target is transforming its business.

Progress

The company reported making progress against its climate targets. It said as of 2023, it achieved more than 60% of its target to halve emissions from its operations by 2030, compared with 2016.

The same year, Shell said it achieved 0.05% methane emissions intensity, which is significantly below its target of 0.2%, and in line with a target to achieve near-zero methane emissions by the end of the decade.

Shell also cited that it contributed to the World Bank’s Global Flaring and Methane Reduction Fund last year, which indicates its support for an industry-wide action to drive down methane emissions and flaring.

The company noted having hit – for the third consecutive year – its target to reduce the net carbon intensity of the energy products it sells, with a 6.3% reduction compared with 2016.

To help drive the decarbonisation of the transport sector, Shell has also set a new target to reduce customer emissions from the use of its oil products by 15-20% by 2030 compared with 2021.

Power shift

The company said that its focus on where it can add the most value has led to a strategic shift in its integrated power business.

“We plan to build our power business, including renewable power, in places including Australia, Europe, India and the USA, and have withdrawn from the supply of energy directly to homes in Europe.

“In line with this shift to prioritising value over volume in power, we will focus on select markets and segments,” the firm said, indicating an intention to sell more power to commercial customers, and less to retail customers.

“Given this focus on value, we expect lower total growth of power sales to 2030, which has led to an update to our net carbon intensity target.

“We are now targeting a 15-20% reduction by 2030 in the net carbon intensity of the energy products we sell, compared with 2016, against our previous target of 20%.”

Investments

Shell plans to invest between $10bn and $15bn between 2023 and the end of 2025 in low-carbon energy solutions.

It also cited investing $5.6bn on low-carbon solutions in 2023, more than 23% of its total capital spending.

These investments include electric vehicle charging, biofuels, renewable power, hydrogen and carbon capture and storage.

Related read: Shell abandons Iraq chemicals project

https://image.digitalinsightresearch.in/uploads/NewsArticle/11604416/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Renewables projects in Oman near completion

    9 March 2026

    Three Oman-based renewable energy projects are nearing completion, according to OQ Alternative Energy (OQAE), part of Oman’s state-backed energy group OQ.

    The Riyah 1, Riyah 2 and North Solar projects have a combined capacity of 330MW and are expected to be operational by the end of the year, the renewable energy firm said in a statement.

    The Riyah 1 and Riyah 2 wind power plants are located in the Amin and West Nimr fields in southern Oman, while the North Solar project is located in northern Oman.

    OQAE owns a 51% share in the three projects, which are being developed in partnership with France’s TotalEnergies for state-backed firm Petroleum Development Oman (PDO).

    The schemes have a combined investment of more than $230m.

    Once commissioned, PDO will purchase the electricity from the plants through long-term power-purchase agreements with the developer team, whose 49% shares are owned by TotalEnergies.

    According to OQAE, the North Oman Solar project is approaching mechanical completion. About 95% of tracker and photovoltaic (PV) module installation has been completed, with full PV module installation expected by mid-March.

    Construction is also progressing on the Riyah wind projects. Seven wind turbines with a tip height of 200 metres have been erected and installation works are continuing on the remaining units.

    All 36 wind turbine generators have arrived in Oman and 19 have been transported from the port to the site. All wind turbine foundations have also been completed, allowing installation works to accelerate.

    OQAE said the projects have achieved about 30% in-country value, with several local companies involved in the supply chain.

    These include Voltamp, Oman Cables, Al-Kiyumi Switchgear and Al-Hassan Switchgear, which supplied electrical equipment and infrastructure components.

    Substation engineering design was carried out by Worley Oman. Muscat-based business conglomerate Khimji Ramdas handled logistics and customs management for turbine components.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15910036/main.jpg
    Mark Dowdall
  • Dubai’s real estate faces a hard test

    9 March 2026

    Commentary
    Yasir Iqbal
    Construction writer

    Register for MEED’s 14-day trial access 

    Dubai entered 2026 from a position of historic strength. Dubai Land Department figures show AED917bn ($250bn) in real estate transactions in 2025 across more than 270,000 deals, with residential prices up 60%-75% since 2021.

    In January 2026, the surge extended. Residential transaction values jumped 44% year-on-year to AED55bn. By most measures, it was Dubai’s strongest property cycle on record.

    Then the drones and missiles arrived.

    Iran has reportedly launched more than 1,000 drones and missiles towards UAE targets in recent days. Most of these attacks were neutralised, but debris struck its major assets, such as the Burj Al-Arab hotel and Dubai International airport. Explosions were also reported near the Fairmont the Palm hotel, the US Consulate and in Dubai Marina. These are not shocks that can be quietly absorbed by a market whose value proposition rests on being “safe”.

    Dubai property has been stress-tested before. In 2008, prices fell 50%-60% and took six years to recover. A 2014-19 correction knocked off another 25%-30%. Covid-19 was sharper but shorter, with the market stabilising within 12-18 months. Dubai tends to correct hard, then rebound quickly once confidence returns.

    What’s different now is the nature of the shock, which is the physical damage to the city itself. The core question is whether Dubai’s safe-harbour identity, which is what drew thousands of millionaires and billions in personal wealth last year, can survive missiles landing across the city for long.

    Markets have reacted negatively, as expected. Emaar and Aldar shares fell about 5% in a few days. Developer bond markets are largely shut to new issuance. Off-plan sales, which are about 65% of 2025 transactions, are most exposed because buyers must commit capital years ahead of planned delivery dates amid uncertainty.

    Fitch had already projected a correction of up to 15% in late 2025-26; UBS ranked Dubai fifth out of 21 cities for bubble risk.

    There are offsets, however. Regional capital flight has historically flowed into Dubai, and a large expatriate base provides steady demand. But it is unwise to assume past recovery patterns will repeat amid the unprecedented times, and a 2026 delivery pipeline of over 131,000 units, which is already running ahead of population growth.

    Dubai now faces two risks at once: a structural correction and a reputational shock. The outcome hinges less on the data than on one variable: how long the conflict lasts, and how close it stays.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15910169/main.jpg
    Yasir Iqbal
  • Bahrain’s Bapco Energies declares force majeure

    9 March 2026

    Register for MEED’s 14-day trial access 

    Bahrain’s state energy conglomerate Bapco Energies has declared force majeure on its group-wide operations following attacks on the Sitra oil refinery in the country.

    In a statement on 9 March, Bapco Energies said its decision to issue the force majeure notice follows “the recent attack on its refinery complex”, without providing details.

    Earlier in the day, Bahrain’s National Communication Centre announced that “the facility in Ma’ameer” – an apparent reference to the refining facility in near Sitra – had been targeted in an Iranian attack, causing a fire to break out. The fire was contained, and “the incident resulted in material damage but caused no injuries or fatalities”, said the statement carried by the official Bahrain News Agency.

    “The company clarified that all local market needs are fully secured according to the proactive plans in place, ensuring the continuity of supplies and meeting local demand without impact,” Bapco Energies said in its statement.

    “Bapco Energies values its relationships with all of its stakeholders and will continue to communicate the latest available information,” it said.

    The Monday morning attack on the Sitra refinery was the second strike on the complex in days. Iranian missiles hit the facility on 5 March, resulting in parts of the refinery being engulfed in flames, although that fire was also put out quickly.

    ALSO READ: Oil prices soar above $100 a barrel as conflict intensifies

    QatarEnergy has also issued force majeure to customers that have been affected by its decision to stop production and shipments of liquefied natural gas (LNG) and associated products.

    “QatarEnergy values its relationships with all of its stakeholders and will continue to communicate the latest available information,” the state enterprise said in a statement on 4 March.

    QatarEnergy announced its decision to halt production of LNG and associated products on 2 March due to military attacks on the company’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar.

    The following day, the company said it was stopping output of products in the downstream energy value chain, including urea, polymers, methanol, aluminium and other products.

    The state enterprise did not blame Iran for the attacks in either of its statements, but it is understood that its facilities have been hit by drones or missiles launched by Tehran, as it retaliates against Israel, the US and their military bases in the GCC states, further escalating the ongoing conflict.

    ALSO READ:
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15910429/main.jpeg
    Indrajit Sen
  • Wade Adams wins more work in Dubai

    9 March 2026

    Dubai-based Wade Adams Contracting has been awarded two contracts covering infrastructure works in the Nad Al-Sheba and Villanova communities in Dubai.

    The first contract, which was awarded by local real estate developer Dubai Holding, covers roads and infrastructure works for the spine road at its Nad Al-Sheba residential development.

    The scope of work includes the development of the road network, service reservation, storm water drainage, street lighting, traffic control, potable water system and sewage collection system.

    The work also covers the main irrigation system, fire-fighting system, electrical power ducts, telecommunications, spare ducts, irrigation pump station, storm pump station and all utility tie-in connections to adjacent packages.

    The project area covers 2,800 square metres (sq m).

    The other contract covers the infrastructure works for the La Tilia cluster at the Villanova development.

    The scope of work includes ground investigation, demolition and site clearance, earthworks, road network, Dubai Electricity & Water Authority-related works, street lighting, telecommunications, irrigation, drainage, sewerage and spare ducts.

    In August last year, Wade Adams Contracting was awarded a contract to carry out infrastructure works within the Nad Al-Sheba Gardens development in Dubai, as MEED reported.

    The contract includes enabling works, roads and utility services in Zones C, D and H of the development.

    The project spans an area of over 550,000 sq m within Nad Al-Sheba Gardens.

    This latest contract adds to the work awarded to Wade Adams in January, which included two contracts for grading and enabling works in clusters D and H of Nad Al-Sheba Gardens, as well as infrastructure works in Zone E.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15909803/main.jpg
    Yasir Iqbal
  • Roshn signs $177m investment deal with local developer

    9 March 2026

    Saudi gigaproject developer Roshn Group has signed an investment agreement worth over SR650m ($177) with Riyadh-based developer Miskan Real Estate Development Company.

    The agreement will allow the firm to develop a project spanning more than 68,000 square metres (sq m) of land within the Warefa community in Riyadh.

    The latest agreement follows Roshn Group's signing of several land sale and development deals with local developers, worth over SR2bn ($570m).

    The agreements were signed on the sidelines of the recently concluded Restatex Real Estate Exhibition in Riyadh.

    The signed agreements cover residential and commercial projects at Roshn’s Sedra and Warefa communities in Riyadh.

    The client signed three agreements worth over SR1.3bn ($363m) related to its Sedra residential community. These include a SR1bn ($293m) agreement with Jeddah-based developer Arabian Dyar for a 55,000 sq m plot.

    Another agreement was signed with Riyadh-based firm Tiraz Al-Arabia to build integrated commercial facilities within the Sedra development. The value of this deal has yet to be disclosed.

    In a separate announcement, Alramz Real Estate Company said it has signed a SR262m ($70m) agreement to acquire and develop a plot spanning over 14,000 sq m for a 240-unit residential project in Sedra.

    In Warefa, Roshn signed two agreements totalling SR781m ($208m).

    It signed a SR548m ($146m) deal with Sateaa Altameer for Real Estate to develop a site spanning an area of over 108,000 sq m.

    Another SR233m ($62m) agreement was signed with Fayziyya for Real Estate Development for a plot covering 46,000 sq m.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15909425/main.png
    Yasir Iqbal