The British-Dutch energy company Royal Dutch Shell has announced that it will reduce its carbon dioxide emissions more quickly.

This is also taking place in response to the sensational court ruling from The Hague two weeks ago, in which a judge ordered the globally operating group to reduce its CO2 emissions by 45 percent by 2030 after complaints from environmental associations.

Philip Plickert

Business correspondent based in London.

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    "For Shell, this ruling does not mean a change, but rather an acceleration of our strategy," said CEO Ben van Beurden.

    At the beginning of the year, Shell had specified 20 percent reduction targets by 2030 and 45 percent by 2035.

    Shell aims to achieve its goal of CO2 neutrality by 2050.

    "Now we are striving to further reduce our emissions in a way that is expedient and profitable," wrote van Beurden on Wednesday on the LinkedIn platform.

    Before the verdict, he had rejected the claims because they meant that Shell would have to shut down its oil and gas operations, from which the company generates by far the largest share of its profits.

    "That wouldn't help the world a bit"

    Donald Pols from the environmental association Milieudefensie, who is one of the plaintiffs, called van Beurden's announcement "hopeful and positive".

    However, he missed an explicit statement that Shell recognized the judgment on the CO2 reduction targets.

    Shell boss van Beurden writes that he was "disappointed" with the verdict, which is aimed at Shell and will change little overall in global CO2 emissions.

    He started the following thought experiment: “Imagine that Shell decides to stop selling gasoline and diesel from today.

    That would certainly cut Shell's carbon emissions.

    But it wouldn't help the world a bit.

    Because the demand for fuel would not change as a result. "

    Van Beurden stressed that Shell will continue to sell oil and gas.

    “We expect we will continue to supply energy in the form of oil and gas products for a long time to come in order to satisfy our customers' demands and to keep the company financially strong,” he writes.

    Shell's share price was barely moved by the May 26 ruling in The Hague.

    This shows that the markets believe the impact is limited.

    The price is now still at £ 13.90.

    However, this is almost 40 percent less than before the start of the pandemic and the subsequent oil price crash.

    The big oil companies like Shell and BP have subsequently adjusted their medium- and longer-term forecasts of the oil price and made write-downs on the value of their oil and gas fields.