Shell sharpens 2050 zero emissions goal

Energy giant Royal Dutch Shell has vowed to eliminate net carbon emissions by 2050.

In a strategy shakeup announced on Thursday (Feb 11) it raised its ambition from previous targets.

The Anglo-Dutch company is in the midst of its largest overhaul yet.

It wants to expand its renewables and low-carbon business in the face of growing investor pressure to battle climate change.

Environmental groups have also been turning up the heat over the past year.

To offset emissions from its hydrocarbon products, Shell plans to re-inject emissions into the ground or plant trees.

On Thursday Greenpeace described that strategy as 'delusional'.

Adding that Shell's plans did not reduce hydrocarbon production enough.

The environmentalist group said "without commitments to reduce absolute emissions by making actual oil production cuts, this new strategy can’t succeed nor can it be taken seriously."

Most European energy majors have set some kind of net-zero carbon target by 2050.

The ambition of Shell, which is the world's largest oil and gas trader, stands out in that it covers the emissions from the end-use of products other companies have produced, but which it sells to customers.

Shell shares were down around 2 percent in afternoon trade.