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Shell sets new goal to cut emissions

“Royal Dutch Shell has rejected calls to break itself up”

The Times

Shell sets new goal to cut emissions

Emily Gosden, Energy Editor: The Times

Royal Dutch Shell has rejected calls to break itself up as it set a new emissions reduction goal in an attempt to please environmental critics.

Ben van Beurden, chief executive of the Anglo-Dutch oil major, insisted that it was better able to serve the energy transition as an integrated company using its oil and gas profits to fund low-carbon investments.

He suggested that investments in Shell by hedge funds such as Third Point, which on Wednesday revealed a stake and called for the company to be broken up, were “not necessarily for the benefit of the energy transition”.

He was speaking as Shell reported third-quarter results that fell well short of expectations, sending its London-listed B shares down 61½p, 3.5 per cent, to £17.06½.

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