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Shell plans show steep curve ahead for carbon offset market

·1-min read
A Shell logo is seen at a gas station in Buenos Aires

LONDON (Reuters) - Royal Dutch Shell has set forth plans for nature-based carbon offsets, derived from forestry and soil stewardship projects, which outstrip the entire global market in its current form, as do its carbon capture and storage (CCS) capacity aims.

- Shell on Thursday announced its plans to deal with the residual greenhouse gas emissions in its business as it aims to become a net zero company

- The plans illustrated a big discrepancy between the targets and the current offset markets and CCS capacity

- Shell plans to pass on the cost to customers willing to pay a premium to offset emissions from the fuel they buy

- It also plans to sell CCS as a service to other greenhouse gas emitters

- Rivals including BP also see carbon offsets as growth market but have not given details on targeted volumes

- Greenpeace said bigger cuts in oil and gas production would be better than offsets for emissions

(Graphic: Shell's carbon offset ambition, https://graphics.reuters.com/SHELL-CARBON/dgkvlzxblvb/chart.png)

(Graphic: Shell's Carbon Capture ambitions, https://graphics.reuters.com/SHELL-CARBON/ygdvzewkjpw/chart.png)

(Graphic: Big Oil's 2019 greenhouse gas emissions Big Oil's 2019 greenhouse gas emissions, https://graphics.reuters.com/OIL-CARBON/oakpeygqrpr/chart.png)

(Graphic: How small is the voluntary carbon offset market?, https://graphics.reuters.com/CLIMATE-CHANGE/OIL-CARBONCREDITS/oakvexkkmpr/chart.png)

(Reporting by Shadia Nasralla)