Shell has announced that it will halve investment in low-carbon energy from 20 per cent of capital spending to 10 per cent.

The company will also look to expand liquefied natural gas (LNG) sales as Shell follows the path of seeking higher returns already trod by BP and Equinor.

Shell itself has positioned the move as a “strategy to deliver more value with less emissions” but it will face scrutiny from some investors and environmental groups.

CEO Wael Sawan was clear: ‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production. Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders.’’

None-the-less it has committed to maintain its existing climate targets and ambition set out in Shell’s Energy Transition Strategy 2024.

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