Environmentally-minded investor groups have commended Anglo-Dutch oil and gas major Shell for committing to cut emissions to net-zero by 2050 or even sooner.

Royal Dutch Shell on Thursday (16 April) announced what investors said was the oil industry’s most extensive strategy yet to reduce greenhouse gas emissions. “We aim to be a net-zero emissions energy business by 2050 or sooner,” said Ben van Beurden, Shell’s chief executive.

This is in line with the European Union’s objective of becoming the world’s first climate-neutral continent in the world by 2050.

Van Beurden told investors the coronavirus crisis would not distract him from steering the company’s shift to low-carbon energy as Shell braces for “a complete overhaul” over the next 30 years.

The move includes a commitment to reach net-zero emissions from the manufacture of all of Shell’s products (so-called Scope 1 and 2 emissions) by 2050 and reducing the net carbon footprint of the energy products Shell sells to its customers by around 65% by 2050 and by around 30% by 2035, according to Euractiv.com.