SHELL VS. THE CLIMATE: - EXPANDING OIL AND GAS, FUELING THE CLIMATE CRISIS

In this briefing, we focus specifically on the • By ceasing approval of new oil and gas fields as of 2024, Shell could production and emissions stemming from Shell’s upstream extraction: help keep 14.7 billion BOE of undeveloped oil and gas in the ground the oil and gas that Shell directly extracts from the ground and the end and 5.3 billion tonnes (Gt) of CO2 emissions out of the atmosphere. [...] THE CLIMATE: EXPANDING OIL AND GAS, FUELING THE CLIMATE CRISIS 14 In this section, we use data from the Rystad Energy 4 DOUBLING DOWN ON UCube database (see Methodology) to examine NEW OIL AND GAS the climate implications of Shell’s oil and gas assets and extraction plans. [...] THE CLIMATE: EXPANDING OIL AND GAS, FUELING THE CLIMATE CRISIS 17 Shell’s undeveloped resources (i.e., in the discovery and exploration NEW OIL AND GAS APPROVED FOR EXTRACTION phases) account for close to 45% of the carbon pollution threatened by SINCE THE CLIMATE CASE VERDICT Shell’s future extraction (Figure 4), up from 37% as of September 2022. [...] By ceasing new oil and gas development as of 2024, Shell could help As of 2021, when the Dutch court issued its climate case verdict, keep 14.7 billion BOE of oil and gas in the ground, and 5.3 Gt of carbon the science was already clear that there was no room for new oil and pollution out of the atmosphere (Table 1; Figure 4). [...] 2024 I The NZE and STEPS pathways are represented by taking the percent change in global CO2 emissions Source: from oil and gas between 2022 (the scenario baseline year) and future years (2030 and 2035) and indexing Oil Change International analysis of data from the those percent changes to the emissions from Shell’s 2022 production.