Shell, despite scaling back investments in renewables, leads the global voluntary carbon market by retiring the most carbon credits in 2024. The company, along with other energy, tech, and fashion giants, utilizes carbon credits to offset their emissions and meet net-zero goals. Data from MSCI Carbon Markets shows Shell retired 14.9 million credits, twice that of the next largest energy company, Eni. The global carbon credit market remained relatively stagnant in 2024, with demand and average prices showing minimal growth.
As Europe’s major oil and gas firms scaled back investments in renewables, UK-based Shell led the global voluntary carbon market with the most carbon credits retired in 2024, according to carbon market data providers. Shell , other multinational energy firms, technology, and fashion giants have been increasingly leaning on carbon credits as one way to reduce their greenhouse gas emissions and meet their net-zero corporate goals.
Carbon Markets data showed that Shell retired as many as 14.9 million credits last year, the Financial Times reports. Shell’s offsets were twice as many as those of the next energy company on the list, Italy’s Eni. Shell also led in separate data analysis from Allied Offsets, whose recent report showed that the oil and gas supermajor retired nearly three times more carbon credits than the second-largest player on the voluntary carbon market, Microsoft.
Carbon Markets said earlier this month. Credit demand, that is credit retirements, was pretty much flat over 2023 while average spot prices fell 20%. As of the end of 2024, there were more than 6,200 carbon projects registered across the 12 largest international crediting registries, Carbon Markets said. A total of 180 million tons of CO2e of these credits were “retired” last year, which means that they were permanently removed from the market, typically because a corporation has voluntarily used them as part of their climate strategy.
Carbon Markets analysts see some signs of a coming thaw on the market, such as the continuing rise in the number of companies setting ambitious climate commitments and a number of positive policy and market developments. By Tsvetana Paraskova for Oilprice.com
CARBON CREDITS SHELL VOLUNTARY CARBON MARKET RENEWABLE ENERGY CLIMATE CHANGE
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shell Predicts Lower Q4 2024 Earnings Due to Seasonality and Market FactorsShell anticipates weaker fourth-quarter 2024 earnings across its LNG, trading, and oil businesses, citing seasonal trends and lifting schedules. Despite strong gas division performance in Q3, the company expects a $1.3 billion Q4 charge related to emissions certificates and up to $1.2 billion in non-cash impairments in its renewables division. Lower natural gas production and LNG liquefaction volumes are also contributing factors.
Read more »
2024 Presidential Election Certification: A Calm Contrast to 2020This year's presidential election certification is expected to be a peaceful affair, in stark contrast to the violence and controversy that marred the 2020 process.
Read more »
Lanark Woman Loses 5st 6lbs in 2024Leeanne McStay shares her incredible weight loss journey with the help of Slimming World.
Read more »
Newcastle United's Domestic Dominance in the 2024/25 Premier League SeasonAn analysis of the 2024/25 Premier League season reveals Newcastle United's impressive performance in domestic competitions. The article highlights Newcastle's third-place standing in terms of victories and minimal losses, surpassing even Arsenal in potential upcoming matches. It also addresses the recent criticism faced by manager Eddie Howe and contrasts it with the team's strong recent form.
Read more »
Bagnaia Compares 2024 Season to Marquez's 2019 DominanceFrancesco Bagnaia, Ducati rider, believes his 2024 MotoGP season was comparable to Marc Marquez's 2019 championship-winning campaign. Despite a string of crashes, particularly in sprint races, Bagnaia achieved consistent top-three finishes on Sundays, earning him a comparison to Marquez's dominant performance.
Read more »
Bristol Through the Lens: Capturing the City's Moments in 2024A photographic journey through Bristol's highlights of 2024, from sports victories and music festivals to quirky local events and breathtaking views. See Bristol City's FA Cup triumph, the buzz at the new Prospect venue, and the spectacle of hot air balloons.
Read more »