Publication

Initiation of coverage: Royal Dutch Shell (RDS)

A two-part report on Royal Dutch Shell’s climate transition strategy.
Initiation of coverage: Royal Dutch Shell (RDS)

Download PDF Part 1: Royal Dutch Shell GHG emissions

Part 1: Royal Dutch Shell GHG emissions

Part 1: Royal Dutch Shell GHG emissions is the first of a two-part report on Royal Dutch Shell’s climate transition strategy. In this report we take RDS’ own climate transition targets and aspirations for market share in key fuels and forecast what this could deliver in terms of absolute emission reduction from now until FY50.

We do not take a view on the price of commodities, or short-term demand and supply changes. We look at the long-term technology trends that are necessary to achieve the 1.5°C ambition under the Paris Agreement. We reference key scenarios that provide a good indication of sectoral outlook including IEA NZE, the IPCC 1.5°C Special Report and Sixth Assessment.

In assessing RDS’ potential energy and GHG emissions forecasts we use a FY19 baseline to account for the impacts of COVID-19 in FY20. However, the path to rebound from COVID-19 is unlikely to be linear.

Our analysis shows a potential path that RDS’ GHG emissions profile may take based on RDS’ own statement. We believe investors need to understand the true GHG emissions profile of stocks to make informed decisions on how they allocate funds to meet their climate goals.

In section 1.2.3 we list the actions RDS is taking to achieve its climate transition strategy “Powering Progress”. This is a list of eight items, the only material drivers to achieve its climate transition targets.

In our second report, Part 2: Royal Dutch Shell in a decarbonised economy, we assess how RDS is currently positioned in terms of financial capacity and business segments to thrive and grow in a zero emissions economy.

View Part 1 online.

Download PDF Part 2: Royal Dutch Shell in a decarbonised economy

Part 2: Royal Dutch Shell in a decarbonised economy

Part 2: Royal Dutch Shell in a decarbonised economy is the second of a two-part report on Royal Dutch Shell’s climate transition strategy. In this report we assess how RDS is currently positioned in terms of financial capacity and business segments to thrive and grow in a zero emissions economy.

We assess each segment's position and look at the long-term technology trends that are necessary to achieve the 1.5°C ambition under the Paris Agreement. We reference key scenarios that provide a good indication of sectoral outlook including IEA NZE, the IPCC 1.5°C Special Report and Sixth Assessment.

In the first of our reports Part 1: Royal Dutch Shell GHG emissions we take RDS’ own climate transition targets and aspirations for market share in key fuels and forecast what this could deliver in terms of absolute emission reduction from now until FY50. Our analysis shows a potential path that RDS’s GHG emissions profile may take based on RDS’ own statement.

We believe investors' need to understand the true GHG emissions profile of stocks to make informed decisions on how they allocate funds to meet their climate goals.

View Part 2 online.

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