Given the very large size of Shell’s hydrocarbon assets on the balance sheet, to convert Shell into a business able to cope well with the tectonic shift of the energy transition, will require a major capital redeployment. In this updated version of his original March note Maurizio Carulli, our Senior European Oil and Gas Corporate Research Analyst, runs through the main components of Shell’s transition plan and uses his 30 years City experience to identify the key areas for discussion that Asset Owners, Asset Managers, Sell-Side Analysts, and others in the financial sector, should be focusing on when analysing the strategy and talking with Shell’s senior management. The note –

1. Evaluates Shell’s alignment to Paris.
2. Looks under the bonnet of the transition plan.
3. Digs into the numbers and the implications.
4. Assesses the Corporate Governance consequences.

If you are an investment professional and have any further questions, feel free to email the author at mcarulli@carbontracker.org.