Accela’s annual pre-AGM in-depth on Global Oil and Gas Majors, assesses the achievability of and the investment needed to meet net carbon intensity targets. 

This report launches Accela’s Transition League Table, a new framework to rank European major's oil and gas transition strategies, incorporating the most critical elements of transition performance.  

Transition of energy portfolios and investment to establish low-carbon products remains the key to emissions reduction

Shell and BP have made the most progress in shifting energy sales portfolios to low carbon (~5% as of FY23) while delivering a 3-5% reduction in net carbon intensity from FY19-23 (~3% for Shell without offsets). 

Without further low-carbon investment and reducing oil and gas, the low-carbon mix of products will not materially change by FY30, placing emissions targets at risk and companies unprepared for peak oil demand. 

Last year we expected to see a series of downgrades across oil and gas, lowering emissions targets and capital expenditure for low carbon.

Only Shell followed this course, shrinking its appetite for low carbon, removing its FY35 intensity target, and guiding to a lower proportion of low-carbon capital expenditure (~20% FY24-25 vs FY23 23%).

Key takeaways