By Michael Susin

Shell PLC said Thursday that it has met its annual climate targets in 2022 as part of its energy transition strategy.

The multinational energy group said net carbon emissions from operations had a 30% reduction by the end of 2022 compared with 2016, while net carbon intensity of the energy products sold fell by 3.8%.

After the release of its 2022 energy transition progress report, the company said it has made significant investments in liquefied natural gas, which is expected to remain an important part of the energy mix for many years.

The company said that it has also invested $1.6 billion in the Indian renewable power developer Sprng Energy, and has made a final investment decision on the Holland Hydrogen 1 project in the Netherlands, which will be Europe's largest renewable hydrogen plant.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 16, 2023 05:53 ET (09:53 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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