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EMISSIONS: Shell Retires More Carbon Credits Than Any Other Firm: FT

EMISSIONS
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Shell dominated the $1.4bn global carbon credit market in 2024, as oil and gas companies increasingly turned to offsets to meet their climate targets amid reduced spending on clean energy, according to a report by FT.

  • The fossil fuel sector accounted for over 40% of global carbon credit usage, with Shell retiring more credits than any other company to help compensate for its emissions at around 14.9mn credits.
  • Shell reduced its spending on clean energy projects in 2024, while also adjusting its climate targets – leading to a greater use of credits.
  • The firm retired more than double the next biggest user Eni and more than three times the next most major user, Microsoft.
  • Additionally European oil giants—Shell, BP, TotalEnergies, Eni, and Equinor—remain committed to achieving net-zero emissions by 2050, indicating that investing in carbon credits is essential to meeting their targets without radically changing their business models.
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Shell dominated the $1.4bn global carbon credit market in 2024, as oil and gas companies increasingly turned to offsets to meet their climate targets amid reduced spending on clean energy, according to a report by FT.

  • The fossil fuel sector accounted for over 40% of global carbon credit usage, with Shell retiring more credits than any other company to help compensate for its emissions at around 14.9mn credits.
  • Shell reduced its spending on clean energy projects in 2024, while also adjusting its climate targets – leading to a greater use of credits.
  • The firm retired more than double the next biggest user Eni and more than three times the next most major user, Microsoft.
  • Additionally European oil giants—Shell, BP, TotalEnergies, Eni, and Equinor—remain committed to achieving net-zero emissions by 2050, indicating that investing in carbon credits is essential to meeting their targets without radically changing their business models.