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A Shell logo seen at a petrol station in London. A court in The Hague has ordered oil giant Shell to reduce its carbon emissions by 45% compared to 2019 levels by 2030, in what is widely seen as a landmark case.
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LONDON — Oil giant Royal Dutch Shell on Thursday reported stronger-than-expected second-quarter earnings, lending further support to the energy major’s plans to reduce net debt and reward investors.

The Anglo-Dutch company reported adjusted earnings of $5.5 billion for the three months through to the end of June. That compared with $638 million over the same period a year earlier and $3.2 billion for the first quarter of 2021.

Analysts had expected second-quarter adjusted earnings to come in at $5.1 billion, according to Refinitiv.

Shell boosted its dividend for the second consecutive quarter and announced the launch of a $2 billion share buyback program that it aims to complete by the end of the year.

The dividend rose to 24 cents in the second quarter, up 38% from the first three months of the year. It comes a year after the company moved to cut its dividend to shareholders for the first time since World War II.

“We have to make sure that our current shareholder base is pleased with what we do in terms of payouts,” Shell CEO Ben van Beurden told CNBC’s “Squawk Box Europe” on Thursday, reflecting on the firm’s plans to step up its shareholder distributions.

“We have to have a strong cash generative business that also funds the company for the future, but at the same time we have to build a business that is future-proof.”

The results reflect a broader trend across the oil and gas industry, as energy majors seek to reassure investors they have gained a stable footing amid the ongoing coronavirus pandemic. France’s TotalEnergies and Norway’s Equinor have also announced share buyback programs.

Share prices of the world’s largest oil and gas majors have not yet followed an improvement in the earnings outlook, however, and the industry still faces a host of uncertainties and challenges.

Shares of Shell were up over 3% during morning trade in London. The oil and gas company has seen its stock price rise more than 17% year-to-date, having collapsed almost 45% in 2020.

Investor skepticism

Shell’s financial results come as oil and gas prices took another step up in recent months. International benchmark Brent crude futures rose to an average of $69 a barrel in the second quarter, up from an average of $61 in the first three months of the year. The oil contract was last seen trading at $75.38.

Oil prices have rebounded to reach multi-year highs in recent months and all three of the world’s main forecasting agencies — OPEC, the International Energy Agency and the U.S. Energy Information Administration — now expect a demand-led recovery to pick up speed in the second half of 2021.

It follows a year in which the head of the IEA had suggested may come to represent the worst in the history of oil markets. The oil and gas industry was sent into a tailspin in 2020 as the spread of Covid-19 coincided with a historic fuel demand shock, plunging commodity prices, unprecedented write-downs and tens of thousands of job cuts.

Ahead of this earnings season, analysts had warned that while energy companies were likely to try to claim a clean bill of health, investors were expected to harbor a “tremendous degree” of skepticism about the business models of oil and gas firms over the long term. This was predominantly a result of the deepening climate emergency and the urgent need to pivot away from fossil fuels.

Court ruling

Earlier this month, Shell confirmed its intention to appeal a landmark Dutch court ruling ordering the company to take much more aggressive action to drive down its carbon emissions.

“We agree urgent action is needed and we will accelerate our transition to net zero,” Shell’s van Beurden said in a statement on July 20. “But we will appeal because a court judgment, against a single company, is not effective.”

“What is needed is clear, ambitious policies that will drive fundamental change across the whole energy system,” he added.

Members of the environmental group MilieuDefensie celebrate the verdict of the Dutch environmental organisation’s case against Royal Dutch Shell Plc, outside the Palace of Justice courthouse in The Hague, Netherlands, on Wednesday, May 26, 2021. Shell was ordered by a Dutch court to slash its emissions harder and faster than planned, dealing a blow to the oil giant that could have far reaching consequences for the rest of the global fossil fuel industry.
Peter Boer | Bloomberg | Getty Images

The Netherlands court ruled on May 26 that Shell must reduce its carbon emissions by 45% by 2030 from 2019 levels. That’s a much higher reduction than the company’s current aim of lowering its emissions by 20% by 2030.

The court ruling also said Shell is responsible for its own carbon emissions and those of its suppliers, known as Scope 3 emissions.

The verdict was thought to be the first time in history a company has been legally obliged to align its policies with the Paris Agreement. The accord, ratified by nearly 200 countries in 2015, is seen as critically important in averting the worst effects of climate change.

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MAN electric semi truck gets real as series production begins

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MAN electric semi truck gets real as series production begins

MAN Trucks are always good for a headline, but despite the company’s pro-battery bluster they’ve barely managed to get 200 battery electric semi trucks on the road … until now that is: the company announced that series production of its heavy-duty eTruck prime mover is officially underway!

We’ve been huge fans of MAN Trucks’ CEO Alexander Vlaskamp since last year, when he had the courage to explain a simple truth: that it’s impossible for hydrogen to effectively compete with battery electric when it comes to a viable fuel for transportation.

Since then, we’ve talked a bit about MAN’s early BEV customers — but with just 200 trucks on the road, they’ve been few and far between. That’s all set to change now that MAN Executive Board Member for Production Michael Kobriger, together with Manfred Weber, Member of the European Parliament and Chairman of the EPP, gave the go-ahead to start the eTruck production line at the company’s Munich plant.

From now on, both electric and diesel trucks will be produced in a fully integrated mixed production process on the same line, with enough capacity to produce up to 100 eTrucks per day. (!)

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 “The start of series production of our electric trucks is historic. It marks a turning point in our history,” explains Vlaskamp, enthusiastically. “The future of MAN begins now, at this very moment. The entire MAN team is proud to be actively shaping the transformation from diesel to electric drive. Our highly efficient electric trucks will make locally emission-free freight transport a reality. This is an enormously important step towards achieving our goal of becoming CO2-neutral by 2050. The fact that we can manufacture the electric trucks on the same production line as our state-of-the-art diesel trucks also gives us enormous flexibility and increases production efficiency.”

MAN says the plant’s maximum capacity is 100 trucks per day, citing about 8 hours to produce one of its heavy-duty semis. The interesting thing, though, is that it doesn’t seem to matter whether those 100 trucks are diesel- or battery-powered.

Flexible assembly


“The production of electric or diesel trucks on a single line can be flexibly adapted to market developments, and the vehicles can be built exactly in the order in which they are ordered by customers. This innovative concept is accompanied by extensive changes along the assembly line as well as in the supply chain and logistics,” says Kobriger, citing that while ICE trucks are initially fitted with axles, tanks and exhaust systems, the electric models are instead fitted with two batteries under the cab together with a “power pack” of electrical components.

All 5,000+ Munich-plant MAN employees have been trained in high-voltage technology in preparation for this “transformation” of the facility. The company says it has 700 of its 740 km (about 450 mile) battery electric trucks already sold, with more sales sure to come as availability ramps up to meet demand.

Electrek’s Take


Historic: MAN starts series production of electric trucks
Historic: eTruck production begins; via MAN.

Betting against Tesla has been bad business for well over a decade now, but with MAN now capable of putting out about as many electric semi trucks in a single day as Tesla has in the last ::checks notes:: eight years since the official launch of the Tesla Semi concept, it’s hard to imagine them catching up — and harder still to see them catching up with Volvo or Renault, each of who have logged tens of millions of electric semi miles in recent years.

That said, Tesla has beaten legacy brands with massive, seemingly insurmountable leads before – but the good news is that, when it comes to EVs, whoever wins, we kind of all win, you know? Even Elon! That’s my take, anyway. Head down to the comments and let me know yours.

SOURCE | IMAGES: MAN Trucks.

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NYC creates new department to hassle e-bike delivery riders

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NYC creates new department to hassle e-bike delivery riders

New York City is creating a new department aimed at cracking down on e-bike delivery workers, and critics say it’s the latest move in a growing pattern of targeting micromobility riders instead of the real threats on the road.

Buried inside NYC’s new $116 billion city budget is a plan to hire 45 new unarmed peace officers tasked with enforcing laws against delivery cyclists, particularly those riding e-bikes and mopeds. The new officers will work under the just-announced Department of Sustainable Delivery, a division of the Department of Transportation set to deploy in 2028.

Mayor Eric Adams says the department will help improve street safety and hold delivery app companies accountable for the pressure they put on gig workers. “The newly created Department of Sustainable Delivery is yet another step that we’re taking to support delivery workers, keep pedestrians safe, and hold delivery app companies accountable for placing unrealistic expectations on their workers that put New Yorkers in harm’s way,” Adams explained in a published statement.

But the move is already raising red flags among advocates for delivery workers and cycling safety, who warn that these efforts could lead to increased surveillance and policing of low-income, often immigrant workers, many of whom already operate under grueling conditions just to make ends meet.

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The officers will be trained to issue moving violations and enforce commercial cycling laws, though city officials haven’t clarified exactly how they’ll distinguish between a reckless rider and one simply hustling to meet the often unrealistic delivery windows imposed by apps like Uber Eats, DoorDash, and Grubhub.

While Adams frames the effort as a safety initiative, critics argue it’s another example of micromobility scapegoating. Just last month, he imposed a 15 mph speed limit on e-bikes across the city, in a move that advocates say ignores the realities of urban riding and fails to address the vastly greater danger posed by cars and trucks. The administration also moved to undo a redesign of Bedford Avenue in Brooklyn, rolling back a protected bike lane project that city data showed had improved safety.

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Delivery riders in NYC, many of whom are immigrants working long shifts in all weather conditions, overwhelmingly use e-bikes to cover more ground, more quickly. These workers have been essential to the city’s economy, especially during the COVID-19 pandemic. Yet they continue to face increasing scrutiny from law enforcement, often for minor infractions, even as drivers of multi-ton vehicles are rarely held to the same standard.

City Council spokesperson Mara Davis acknowledged the concerns, stating, “There are always concerns about any new policy that could give way to discriminatory policing of delivery workers and immigrants. We remain in discussions with advocates and constructive members of the mayoral administration to advance solutions on e-bike safety, sustainable delivery, and street safety.”

Despite the rhetoric about safety, the data paints a different picture. City statistics show that e-bikes account for less than 4% of traffic-related injuries, and Gothamist pointed out that only six pedestrian fatalities involving e-bike riders were reported between 2021 and 2024. Meanwhile, cars and trucks continue to kill hundreds of New Yorkers every year. But rather than increasing enforcement on reckless drivers or investing more in safe bike infrastructure, the city is spending taxpayer money to police bicycles.

Electrek’s Take

In a city desperately trying to transition to more sustainable forms of transportation, I just don’t think that increasing pressure on the people doing the most riding is the answer. Delivery workers are part of the solution to car dependence, not the problem.

If NYC wants cleaner, safer streets, the focus should be on supporting these riders with safe infrastructure, affordable bikes, and better labor protections – not treating them like traffic scofflaws. Yes, enforcement is important. And yes, dangerous riders should be penalized to the full extent of the law, especially when they pose a real threat to pedestrians. But let’s not pretend like that’s what this about. If we cared about pedestrian safety, we’d be increasing enforcement to prevent the hundreds killed every year by cars in NYC – not the two pedestrians killed by e-bikes.

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BYD is the first to unlock L4 smart parking and it comes with a surprise guarantee

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BYD is the first to unlock L4 smart parking and it comes with a surprise guarantee

China’s EV leader, BYD, just reached another major breakthrough: its smart parking feature now offers L4 autonomy. To sweeten the deal, BYD says it will fully cover any losses associated with the new feature.

BYD becomes the first to achieve L4 smart parking

BYD said it was coming soon. Earlier this week, BYD posted on Weibo that it’s about to launch “the largest-scale smart driving OTA in history.”

On Wednesday, BYD confirmed that its smart parking system now offers L4 autonomy, becoming the first to achieve the feat. In a statement, the company said, “BYD is the first to achieve L4-level smart parking, and the official promise is to provide a safety guarantee​​​.”

The company is also pledging to cover any losses tied to the feature. Instead of going through their insurance company, drivers can contact BYD’s after-sales team to handle the incident.

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All BYD vehicles equipped with its God’s Eye smart driving system can get the upgrade. Earlier this year, the EV maker upgraded 21 of its best-selling vehicles with its God’s Eye system, at no additional cost.

The breakthrough comes after BYD announced earlier this week that there are now over 1 million vehicles on the road with its God’s Eye smart driving system. With L4 smart parking, the vehicle can operate without human interaction under certain conditions.

And that’s not all. BYD also said it’s pushing new OTA updates for its God’s Eye B and C systems. God’s Eye B will gain new functions, including multiple U-turns, detours, and a three-speed parking feature. Meanwhile, God’s Eye C is set to receive front parking and lane change reminders.

BYD’s smart driving system has three levels: A, B, and C. The A system is primarily reserved for the ultra-luxury Yangwang brand, while B is used for Denza and some premium BYD brand models. The God’s Eye C system is used for lower-cost BYD vehicles, such as the Seagull EV, its top seller in China.

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