Shell Sets Bigger CO2-Reduction Target as Profit Falls Short
- Energy giant’s profit rises less than expected on high prices
- Company will reduce operational emissions by 50% by 2030
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Royal Dutch Shell Plc responded to external pressure by setting a more ambitious target for cutting greenhouse gas emissions from its operations, while reporting an increase in third-quarter profit that fell short of expectations.
Like its peers, Shell has been lifted by the surge in oil and gas prices, but nevertheless finds itself pulled in many different directions by people unhappy with its plans. Dan Loeb’s Third Point Capital LLC is seeking the breakup of the energy giant, a move that would thwart its plan to keep pumping oil and gas as it embraces renewable energy. A Dutch court has also ordered the company to cut carbon emissions much faster than it had previously planned.