Shell | Our progress towards net zero

In 2022, we invested $8.2 billion in low-carbon energy and non-energy products, around a third of our total cash capital expenditure [A] of $25 billion. Of that, we invested $4.3 billion in low-carbon energy solutions, an increase of 89% compared with the previous year. This includes capital spending on biofuels, hydrogen and charging for electric vehicles, as well as wind and solar power [B]. The remaining $3.9 billion was invested in non-energy products such as chemicals, lubricants and convenience retail, which do not produce emissions when they are used by our customers. Our investment in non-energy products decreased by 9% compared with 2021.

sectoral training

These investments advance a central part of our strategy which is to sell more products with low-carbon emissions to help both Shell and our customers meet their climate targets. Two-thirds of our capital spending in 2022 was on maintaining supplies of the vital energy the world needs today. We invested $4.2 billion in liquefied natural gas (LNG) as well as gas and power marketing and trading, an increase of 17% compared with the previous year. We expect LNG will remain an important part of the energy mix for many years to come because of its role in reducing emissions from power generation and transport. We also increased our investments in oil production and oil products by 30% to $12.5 billion. This includes investments of $8.1 billion in our Upstream business, helping maintain our assets and make up for the natural decline in oil and gas production. It also includes investments in refining and trading, as well as fuels marketing, which are important to maintain supplies of fuels for motorists, commercial road transport, aviation and industry

Oil and gas to hydrogen