BLOOMBERG • August 31, 2023
Six months after becoming the chief executive at Shell, Wael Sawan quietly ended the world’s biggest corporate plan to develop carbon offsets, the environmental projects designed to counteract the warming effects of CO2 emissions. Sawan laid out an updated strategy for the oil major that included cutting costs and doubling down on profit drivers like oil and gas. He omitted any mention of the company’s prior commitment to spend up to $100 million a year to build a pipeline of carbon credits, part of the firm’s promise to zero out its emissions by 2050. Those goals for the offsets program have been retired, the company confirmed.