Shell recently published its first Energy Transition Progress Report. The document has been produced ahead of the AGM on 24 May 2022, with the company asking shareholders for an advisory vote over the progress made during the past twelve months. Most of the information contained in the report had been already released over the past 12 months. But more detail and context have been added. We take the opportunity to highlight two areas where Shell could further strengthen its Energy Transition Strategy:

1. Adoption of interim absolute emission targets also for Scope 3 emissions.
2. A commitment to refrain from sanctioning new hydrocarbon projects.

Read the full analysis in the flash note.