A Shell logo displayed on a sign at a gas station in Nakuru, Kenya.
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British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century.
In its latest energy transition strategy update, the oil and gas major said it is now aiming to reduce its net carbon intensity on the third-party use of products it sells by 15% to 20% by 2030, compared with a previous target of 20%.
Shell said it had also dropped its goal of a 45% reduction by 2035, citing “uncertainty in the pace of change in the energy transition.” The net carbon intensity targets are measured against a baseline of emissions in 2016.
“Our focus on value has led to a strategic shift in our power business towards select markets and segments,” Shell CEO Wael Sawan said in a statement. “As a result, we expect lower growth in sales of power overall. We have updated our net carbon intensity target to reflect that change.”
Shell said that by the end of 2023, it had achieved over 60% of its target to halve emissions from its operations by 2030, compared with 2016.
The company also said it achieved its target to reduce the net carbon intensity of the energy products sold last year, with a 6.3% reduction compared to 2016. Shell said this marked the third straight year it had hit its target.
Shell’s update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies. Last year, British rival BPsaid it was targeting a 20% to 30% emissions cut by the end of the decade, compared to a previous commitment to a 35% to 40% trim.
BP, which is also planning to become a net-zero company by 2050, said at the time that it needed to keep investing in oil and gas to meet global demand.
Activist investors have put pressure on fossil fuel companies to do more to align their emission reduction targets with the landmark 2015 Paris Agreement, while some have urged firms to scale back on green pledges and instead lean into their core oil and gas businesses.
The burning of fossil fuels, such as coal, oil and gas, is the chief driver of the climate crisis.
‘Exacerbating the climate crisis’
“With this backtrack, Shell bets on the failure of the Paris Climate Agreement which requires almost halving emissions this decade,” said Mark van Baal, founder of activist shareholder group Follow This.
“This backtracking removes any doubt about Shell’s intentions: the company wants to stay in fossil fuels as long as possible,” van Baal said.
“The board not only endangers the global economy by exacerbating the climate crisis, but also puts the company’s future at risk through policy interventions, disruptive innovation, stranded assets, and accountability for the costs of climate change.”
Chief executives of some of the world’s largest energy companies have repeatedly sought to fend off criticism, claiming that Big Oil is not to blame for the climate crisis and saying it isn’t possible to keep everyone happy in the energy transition.
Shell on Thursday reaffirmed its target to become a net-zero company by 2050, a pledge it first made in 2020 under previous CEO Ben van Beurden. The company said it planned to spend $10 billion to $15 billion on unspecified low-carbon solutions between 2023 and 2025.
Shares of Shell were 0.2% higher on Thursday morning. The London-listed stock price is around 1.3% lower year-to-date.
Want your electric bike to have utility as well as comfort and style? Then, the Invanti Tornado, with its impressive array of optional accessories, could be your ideal ride.
Invanti makes it easy to protect your e-bike from theft with its “invantimobility” app. The smart version Tornado Pro has a smart front hub lock feature that, once activated, can only be unlocked using the app.
This zippy and efficient utility e-bike has a 750W rear hub motor, 1,000 peak power, and a 48V 14.7Ah battery with Samsung cells that give a top speed of up to 25 mph. The Shimano 7-speed transmission, 80 mm travel suspension, 4-piston hydraulic disc brakes, and torque sensor means riding is smooth. It also sports a pair of 20-by-3-inch puncture-resistant tires.
The Tornado provides a range of 60 miles on pedal assist and 25 miles on throttle only. You can additionally install an extra 48V, 10.4Ah battery that you take with you, giving a cumulative total of 100 miles on pedal assist and 43.5 miles on throttle only. Plus, you can use the extra battery as a portable powerbank for your phone.
What makes the Invanti Tornado stand out is the cool accessories it comes with. Your e-bike arrives with a front rack, a rear cargo rack, a rear fork storage bag with lockout, and rear wheel mudguards. It also features front and rear lights with integrated turn signals.
Plus, it offers a choice of nine upgrade accessories, which give this bike an almost modular feel. This means you can make your e-bike bespoke:
If you want to cart around passengers, you can make it happen with the Invanti Tornado’s optional rear seat pad and passenger foot rest, and there’s also a child safety handrail. Its dual-tube aluminum alloy frame can handle payloads of up to 440 pounds.
Aeromine Technologies just closed a $9 million funding round, and it’s ready to scale up production of its bladeless rooftop wind turbines.
Energy research, investing, and strategy firm Veriten is the lead investor in Aeromine Technologies’ Series A funding round.
Aeromine, launched in 2022, makes compact 50 kW or larger “wind harvesting platforms” that it mounts on the edge of a building’s roof. The rooftop wind units, which have no external moving parts or blades, capture wind flowing up and over the building and convert it into onsite electricity. Its generator system is a rotor-stator system with a highly efficient 5 kW permanent magnet generator. (Specs are here.)
The noiseless technology leverages aerodynamics like airfoils on a race car to capture and amplify each building’s airflow to generate energy. Aeromine says its systems typically consist of 20-40 units installed on the edge of a building facing the predominant wind direction.
Each 1,000-pound unit can withstand winds of between 120 and 158 mph depending on specification.
Aeromine’s units can operate independently or be integrated with existing rooftop solar arrays. Onsite power generation eliminates grid supply disruptions.
Maynard Holt, founder & CEO of Veriten, said:
We believe that distributed power innovation will play a vital role in helping companies fulfill their need for reliable, reasonably priced electricity and desire for low-impact power. We’re excited to partner with Aeromine, as its ability to quickly and affordably help a wide variety of companies meet their energy needs with wind resources is unique among distributed energy solutions.
The bladeless wind turbines are designed to power apartment buildings, warehouses, manufacturing facilities, offices, hospitals, retail centers – basically any big box building with a flat, unobstructed roof.
The company says it has 400 qualified projects in its pipeline and expects to roll out commercially in Europe and North America in 2025.
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With changes expected to Ford’s electric vehicle certification program, all Ford dealers will likely be able to sell EVs. Ford is reportedly preparing to open the program amid feedback from its dealers.
Ford poised to open dealers network to sell EVs
After asking dealers to pause EV investments this week, Ford is finalizing changes to the program. Ford already eased requirements last year due to “changes in the market.”
Ford spokesperson Marty Gunsberg confirmed that several dealers opted out of the program this past December. Gunsberg said, “Enrollments for 2024 are just over 50% of the network.” That’s down from about two-thirds confirmed by CEO Jim Farley a year prior.
According to Automotive News, after a series of meetings between dealers and executives, Ford is now preparing to allow all dealers to sell EVs.
Ford is expected to update the financial requirements needed to qualify. Previously, dealers were required to invest at least $500,000 to enroll in the program. For $1.2 million, dealers could be eligible for the “Elite” tier, which included additional chargers, demo units, and a presence on Ford.com.
Ford Mustang Mach E at a Tesla Supercharger (Source: Ford)
If dealers didn’t want to invest, they couldn’t sell Ford EVs. Ford’s vice president of EV programs, Lisa Drake, said the company no longer believes having select dealers sell EVs is the right plan.
More dealers want in but with less financial commitment
“What we’re finding is more dealers want to be involved in it and we don’t want to be exclusive to just a handful,” Drake said. “And so we’re making a change where we’re opening up that and not requiring as many certifications or investments for a dealer to participate in the EV revolution.”
Meanwhile, the changes will not be finalized until early June, when Ford meets with its dealer council.
2024 Ford F-150 Lightning lineup (Source: Ford)
It’s unclear how much Ford will reduce financial requirements to sell EVs, but many believe it will be drastically relaxed to promote participation.
Drake said Ford will be “more ubiquitous with our training and make sure essentially all of our dealers are equipped to sell them” going forward. Ford will need to figure out how to deal with those who have already made investments at the upcoming dealer council meeting.
Ford Mustang Mach-E GT Bronze edition (Source: Ford)
Ford slashed prices on its popular Mustang Mach-E and F-150 Lightning in recent months to boost sales.
After cutting Mach-E prices by up to $8,100 earlier this year, Ford introduced a new 0% APR offer on 2024 models this week.
2024 Mustang Mach-E trim
Range
Starting Price
Mustang Mach-E Select
250 mi
$39,995
Mustang Mach-E Premium
320 mi
$43,995
Mustang Mach-E GT
280 mi
$53,995
Mustang Mach-E Rally
265 mi
$59,995
2024 Mustang Mach-E price and range by trim
Ford also introduced new discounts on the 2023 F-150 Lightning this week, offering up to $15,000 off MSRP. F-150 Lightning lease prices were cut by over $400 a month.
If you’re in the market for a new EV, now’s the time to start shopping. You can use our links below to find deals on Ford’s electric vehicles at a dealer near you.
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