Greener pastures: Shell plans steady drop in oil business
LONDON (AP) — Oil multinational Royal Dutch Shell is slowly turning away from the crude oil that made its fortune over the decades but also helped cause a global climate crisis. The company said Thursday that its production of oil peaked before the coronavirus pandemic and will fall steadily as it shifts toward other less polluting forms of energy. It’s a milestone for the company and reflects the urgency facing governments and companies to reduce climate-warming emissions. Shell unveiled new plans for reaching its goal of being carbon neutral by 2050 that include a 1% to 2% drop annually in oil output.