The Dutch oil and gas multinational Shell announced that its production peaked in 2019 and will likely decline gradually from now on, encouraging it to look towards green sources of energy to add to its production.
Shell stipulates that its “total oil production peaked in 2019” and will now drop 1% or 2% annually. Now at a turning point, the company needs to be seen as part of the solution rather than the cause of climate change, as Shell’s chief executive Ben van Beurden expressed for years.
Oil no longer its reliable backbone, Shell turns its investing attention towards renewable sources like wind, solar, and hydrogen. The company plans on reaching net-zero carbon emissions by 2050, and to get there, it will focus on helping customers to lower their own carbon emissions, whether it be by encouraging them to plug their electric vehicles in one of its 60,000 charging points or offering filling spots for hydrogen-fueled cars.