Shell inks new $10bn credit facility to progress to net-zero
Oil and gas giant Shell has announced the agreement of a new $10 billion revolving credit facility to help progress the firm towards its net-zero target.
Shell said the new facility replaces its existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks.
The Bank of America and Barclays Bank acted as joint co-ordinators for the facility.
Interest and fees paid on the facility will be linked to Shell’s progress towards reaching its short-term net-zero carbon goal.
Shell set a target within its latest Sustainability Report to cut the carbon footprint of the energy products it sells by around 50% by 2050 and by 20% by 2035 as society moves towards meeting the aims of the Paris Agreement.