May 27, 2021: -On Wednesday, a Dutch court ruled oil giant Royal Dutch Shell must reduce its carbon emissions by 45% by 2030 from 2019 levels.
That’s a huge reduction than the current aim of the company to lower its emissions by 20% by 2030.
Shell’s recent climate strategy states that the company aims to become a net-zero emissions business by the year 2050, with the company setting a target of cutting its CO2 emissions by 45% by 2035.
Shares of Shell were trading 0.3% lower in London. The stock price is up almost 10% year-to-date, having tumbled nearly 40% in 2020.
The lawsuit was filed in April 2019 by seven activist groups, including Friends of the Earth and Greenpeace, on behalf of 17,200 Dutch citizens. Court summons claims that Shell’s business model “is endangering human rights and lives” by posing a threat to the goals laid out in the agreement of the Paris.
Last week, at Shell’s annual general meeting, shareholders voted overwhelmingly in favor of the company’s energy transition plans but, a growing minority rejected the strategy and insisted that the oil giant needed to do more in the fight regarding climate change
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According to Reuters, the case is the first in which activists have taken a major energy firm to court to compel it to overhaul its climate strategy.
At the time of lawsuit filing, a lawyer acting on behalf of environmental groups said that the case would “raise the pressure” on different fossil fuel companies.
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AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
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Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
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