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2024-04-22 18:15 Shell accelerates drive for net - zero emissions with customer - first strategy | Shell Global Shell Global Who What Home we ✓ we are do News Business Careers Sustainability ✓ and Investors а customers at Shell insights Home News > and News and 2021 Shell accelerates drive for net- > Newsroom > media insights releases > < media releases > zero emissions with customer - first strategy Shell accelerates drive for net - zero emissions with customer - first strategy 11 Feb 2021 Shell today set out its strategy to accelerate its transformation into a provider of net - zero emissions energy products and services , powered by growth in its customer - facing businesses . A disciplined cash allocation framework and rigorous approach to driving down carbon emissions will deliver value for shareholders , customers and wider society . Shell also confirmed its expectation that total carbon emissions for the company peaked in 2018 , and oil production peaked in 2019 . || " Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders , our customers and wider society , " said Royal Dutch Shell Chief Executive Officer , Ben van Beurden . " We must give our customers the products and services they want and need - products that have the lowest environmental impact . At the same time , we will use our established strengths to build on our competitive portfolio as we make the transition to be a net - zero emissions business in step with society . " Whether our customers are motorists , households or businesses , we will use our global scale and trusted brand to grow in markets where demand for cleaner products and services is strongest , delivering more predictable cash flows and generating higher returns . " From today , Shell is integrating its strategy , portfolio , environmental and social ambitions under the goals of Powering Progress : generating shareholder value , achieving net - zero emissions , powering lives and respecting nature . Shell's reshaped organisation will deliver on these goals through the three business pillars of Growth , Transition and Upstream . Financial resilience and profitable growth through disciplined capital allocation Shell reiterated its cash priorities to deliver value for shareholders today while growing value for tomorrow , including : • Maintain the progressive dividend policy , increasing dividend per share by around 4 % per year , subject to Board approval . • Retain near - term annual Cash capital expenditure of $ 19-22 billion . • Reduce net debt to $ 65 billion . • On reducing net debt to $ 65 billion , target total shareholder distributions of 20-30 % of cash flow from operations ; increased shareholder distributions achieved through a combination of Shell's progressive dividends and share buybacks . • Disciplined and measured capital expenditure growth balanced with additional shareholder distributions and further strengthening of our balance sheet . In the near term we expect to maintain underlying operating expenses of no higher than $ 35 billion , and pursue divestments averaging $ 4 billion a year . Over time the balance of capital spending will shift towards the businesses in the Growth pillar , attracting around half of the additional capital spend . Cash flow will follow the same trend and in the long term will become less exposed to oil and gas prices , with a stronger link to broader economic growth . The road to net - zero emissions : a comprehensive carbon management approach ↑ https : //www.shell.com/news-and-insights/newsroom/news-and-media-releases/2021/shell-accelerates-drive-for-net-zero-emissions-with-customer-first-strategy .... 1/6