Shell’s van Beurden reassures investors on climate pledges

CEO says reducing emissions will not hamper upstream operations and future profitability lies in working more closely with customers

Shell’s transition strategy received a mixed reaction when it was announced yesterday. For some consumers it did not go far enough, as the planned investment in gas and oil is more than double that of renewables. Critics wonder if it is just business as usual in the short term. For investors, the targets set for carbon emissions reductions raised questions as to whether meeting them would constrain the company, hindering upstream production while failing to deliver on renewables. Shell CEO Ben van Beurden said on an investor call yesterday that neither reaction is correct. “In a conventional business model you win by having assets. In the transition business, you win by having the adva