{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"How to Source High Quality Carbon Credits for Decarbonisation","text":"\u003Cp\u003EStephen Daly, Global Team Leader for Voluntary Carbon Trading at Shell, shares practical guidance on sourcing high quality carbon credits.\u003C/p\u003E\r\n","links":[{"name":"How to Source High Quality Carbon Credits for 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Shell Group and its customers. He has a background in commodity trading and portfolio management, joined Shell in 2017, and is based in London.\u003C/p\u003E\r\n","links":[{}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_900670375/author_copy_copy_cop.shellimg.jpeg/1773374280885/stephen-daly.jpeg","alt":"Steve leads a team of global experts responsible for managing the supply and demand of Shell’s carbon credit portfolio, supporting the needs of the Shell Group and its customers.","width":3840,"height":3840}}},{"organism":"Container","children":[{"organism":"PromoSimple.Text","color":"inherited","colspan":8,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/text_copy","model":{"title":"Addressing trust and credibility in carbon markets","text":"\u003Cp\u003EThe voluntary carbon market is projected to grow from $1.4 billion in 2024 to between $7–35 billion by 2030\u003Csup\u003E1\u003C/sup\u003E, driven by corporate decarbonisation commitments and a rising demand for high-integrity credits. This trend is reflected in Shell’s voluntary carbon market participant study\u003Csup\u003E2\u003C/sup\u003E, which found that 59% of the companies surveyed view voluntary carbon credits as a necessary lever to reach their emissions reduction targets – but only for addressing remaining emissions after leveraging avoidance and reduction measures within their own value chain and operations\u003Csup\u003E2\u003C/sup\u003E.\u003C/p\u003E\r\n\u003Cp\u003EYet despite growing momentum, trust remains a critical hurdle. The study\u003Csup\u003E2\u003C/sup\u003E showed three barriers consistently limit market engagement:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003E\u003Cb\u003EQuality concerns\u003C/b\u003E, with permanence, additionality and co-benefits still difficult to verify.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EReputational risk\u003C/b\u003E, with heightened scrutiny and concerns around greenwashing allegations.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ERegulatory uncertainty\u003C/b\u003E, with buyers hesitant to commit to long-term contracts without clear rules.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003EStephen sums it up: “We need to build confidence in the market and certification standards will be crucial to the sector’s credibility. It is important that these standards evolve as we deepen our collective understanding of the projects and programmes that generate carbon credits and the concerns around them.”\u003C/p\u003E\r\n\u003Cp\u003ETo participate in the carbon markets with confidence, organisations need clarity on how carbon credits fit into their decarbonisation strategy, what defines high-quality credits, and assurance through robust third-party verification to guarantee integrity.\u003C/p\u003E\r\n"}},{"organism":"PromoSimple","color":"brand3-solid","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/promo","model":{"title":"Insights into voluntary carbon market trends","text":"\u003Cp\u003EThe voluntary carbon market (VCM) is becoming a useful tool for helping companies work towards their net-zero goals. 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Companies can start the journey by measuring their carbon footprint, setting reduction targets, and defining the role credits will play. From there, three guiding questions can further help shape the approach:\u003C/p\u003E\r\n"}},{"organism":"StandaloneAsset","color":"inherited","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/standalone_asset","model":{"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_900670375/simple_copy/standalone_asset.shellimg.png/1770648893054/young-tree-saplings-planted-in-soil.png","alt":"Young tree saplings planted in soil on a hillside, with one seedling in focus and a person working in the blurred background, suggesting reforestation.","width":1386,"height":2157}}},{"organism":"PromoSimple.Text","color":"brand1-subtle","colspan":8,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/text_copy_copy_copy","model":{"title":"1. Is your organisation buying carbon credits to meet short-term needs or looking to achieve long-term goals?","text":"\u003Cp\u003EEach option offers its own benefits and risks. Organisations making spot purchases to address immediate needs may face exposure to price fluctuations. In contrast, those entering long-term offtake agreements can mitigate pricing risks but may be vulnerable if the counterparty fails to meet its obligations.\u003C/p\u003E\r\n\u003Ch3\u003E2. Which key credit attributes are important to your organisation?\u003C/h3\u003E\r\n\u003Cp\u003EAccording to the respondents from the participant study conducted for Shell\u003Csup\u003E2\u003C/sup\u003E, the top three selection procurement criteria for carbon credits are:\u003C/p\u003E\r\n\u003Cul\u003E\u003Cli\u003EThe reputation of the project developer\u003C/li\u003E\u003Cli\u003ERobust monitoring, reporting and verification (MRV) frameworks\u003C/li\u003E\u003Cli\u003EPrice and cost-effectiveness\u003C/li\u003E\u003C/ul\u003E\r\n\u003Cp\u003EDefining what constitutes a high-quality carbon credit and establishing a tailored quality framework not only strengthens procurement decisions, but it also reinforces an organisation’s commitment to climate integrity.\u003C/p\u003E\r\n\u003Ch3\u003E\u003Cspan style=\"\tfont-size: 11.0pt;\r\n\"\u003E3. Where is your organisation buying the carbon credits from?\u003C/span\u003E\u003C/h3\u003E\r\n\u003Cp\u003ECarbon credits can be acquired either directly from project developers in the primary market or through intermediaries in the secondary market. Each option carries its own set of trade-offs. Purchasing through an intermediary may increase costs but can reduce the burden of conducting time- and resource-intensive due diligence. On the other hand, buying directly from developers may lower costs but requires the organisation to take on the responsibility of vetting the projects themselves.\u003C/p\u003E\r\n"}},{"organism":"Quote.Small","color":"brand1-solid","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/quote","model":{"title":"Stephen Daly, Global Team Leader for Voluntary Carbon Trading at Shell","text":"\u003Cp\u003E“The answers to these questions will depend on the needs and ambitions of each company. That is why having an overarching decarbonisation plan in place from the outset is crucial.”\u003C/p\u003E\r\n"}},{"organism":"PromoSimple.Text","color":"inherited","colspan":8,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/text_copy_copy_1364656721","model":{"title":"How to identify high-quality, credible carbon credits","text":"\u003Cp\u003EEnsuring credibility is one of the most challenging aspects of building a trustworthy carbon portfolio. “Buyers have to navigate various risks associated with the projects they invest in that ranges from under delivery of credits to challenges around health, safety, security and environment.” Stephen explains.\u003C/p\u003E\r\n\u003Cp\u003EReputational risk is another major concern. “Understandably, companies worry about what happens should the credibility of a project or its developers be called into question – and it can happen. It shows that, even after you have worked through all the potential issues to find a project you believe you can trust, you must still be ready to manage the impact of shifting regulations and standards.”\u003C/p\u003E\r\n\u003Cp\u003ESo how can businesses identify high-quality carbon credit projects?\u003C/p\u003E\r\n\u003Cp\u003E“The first step is to make sure it holds independent third-party accreditation under an internationally recognised standard (such as Verra, Gold Standard or the American Carbon Registry),” says Stephen.\u003C/p\u003E\r\n\u003Cp\u003EOrganisations can also look out for emerging quality labels that help simplify the evaluation process. One such label is the Core Carbon Principles (CCP), which is gaining traction as a reliable benchmark, complementing other international quality standards that are helping organisations assess credit integrity more effectively.\u003C/p\u003E\r\n"}},{"organism":"PromoSimple","color":"brand3-solid","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_900670375/simple_copy/promo_copy","model":{"title":"Discover the difference our process can make for you","text":"\u003Cp\u003EGlobal Technical Manager Sam Hoffer explains the due diligence criteria Shell uses to ensure quality in its carbon credit portfolio.\u003C/p\u003E\r\n","links":[{"name":"Explore our due diligence 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the impact of expert support on carbon credit purchasing","text":"\u003Cp\u003EFor companies that do not have the expertise to navigate carbon credit due diligence, collaborating with a supplier who goes beyond certification can be invaluable.\u003C/p\u003E\r\n\u003Cp\u003E“At Shell, independent certification is the starting point for evaluating a project that generates carbon credits,” says Stephen. “To build on that, we have developed a due diligence process that helps give us confidence in the quality of the credits in our portfolio.”\u003C/p\u003E\r\n\u003Cp\u003EThis process involves an assessment of multiple dimensions that influence the credibility and impact of a carbon credit project, 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11.0pt;\"\u003E\u003C/span\u003E\u003C/p\u003E\r\n","links":[{"icon":"/content/dam/shell/icons/global/data/bar-chart-solid.svg"}]}},{"organism":"ListItem","color":"brand3-subtle","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/list_copy/list_item_copy_2067877512","model":{"title":"Additionality","text":"\u003Cp\u003EChecking that emission reductions or removals would not have happened without the finance from carbon credit sales\u003C/p\u003E\r\n","links":[{"icon":"/content/dam/shell/icons/global/operations/paste-alt.svg"}]}},{"organism":"ListItem","color":"brand3-subtle","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/list_copy/list_item_copy_1682548187","model":{"title":"Safeguards","text":"\u003Cp\u003EChecking the project does not have adverse effects on local communities, stakeholders or natural ecosystems\u003C/p\u003E\r\n","links":[{"icon":"/content/dam/shell/icons/global/business/hardhat-solid.svg"}]}},{"organism":"ListItem","color":"brand3-subtle","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/list_copy/list_item_copy_1496844732","model":{"title":"Benefit sharing","text":"\u003Cp\u003EChecking that the positive outcomes (such as revenue, services or other benefits) reach local stakeholders\u003C/p\u003E\r\n","links":[{"icon":"/content/dam/shell/icons/global/science/plant-seedling.svg"}]}},{"organism":"ListItem","color":"brand3-subtle","colspan":6,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/list_copy/list_item","model":{"title":"Leakage","text":"\u003Cp\u003EChecking projects do not have unintended consequences that undermine the impact of the project\u003C/p\u003E\r\n","links":[{"icon":"/content/dam/shell/icons/global/status/approved.svg"}]}},{"organism":"ListItem","color":"brand3-subtle","colspan":6,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/list_copy/list_item_copy_2031422513","model":{"title":"Double counting","text":"\u003Cp\u003EMaking sure emission reductions or removals can only be counted once towards decarbonisation targets\u003C/p\u003E\r\n","links":[{"icon":"/content/dam/shell/icons/global/people/people-square.svg"}]}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/list_copy","model":{}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389/text_1817556873_copy","model":{"text":"\u003Cp\u003E“By looking into these elements, Shell can help companies to evaluate risk and provide confidence that projects are achieving what is expected of them,” Stephen says. “This is where the due diligence expertise comes in.”\u003C/p\u003E\r\n\u003Cp\u003EBut there is more to selecting a supplier of carbon credits than due diligence, Stephen explains. “Companies could look for a supplier who is experienced in carbon credit trading as well as project development and financing,” he says. “At Shell, we can help customers purchase high-quality, credible carbon credits by leaning into our experience across these areas.”\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1782122389","model":{}},{"organism":"Container.Section","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/text_copy","model":{"title":"Building a credible decarbonisation strategy","text":"\u003Cp\u003ECarbon credits work best when they complement a company’s broader decarbonisation efforts. This means having:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003E\u003Cb\u003EA clear decarbonisation roadmap – outlining emissions reduction priorities and where credits fit in.\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EDefined procurement principles – specifying quality criteria, sourcing strategy, and risk management.\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EAn implementation framework – detailing how credits will be applied, tracked, and reported against targets.\u003C/b\u003E\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003E“There’s no one-size-fits-all solution,” says Stephen. “Strategies should reflect each company’s unique ambitions.” Shell aims to support businesses in reducing emissions and can tailor carbon credit solutions to align with each individual company’s sustainability goals and strategy.\u003C/p\u003E\r\n"}},{"organism":"PromoFull.Right","color":"brand3-solid","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/promo_copy_copy","model":{"title":"Ready to include carbon credits into your decarbonisation strategy?","text":"\u003Cp\u003EGet in touch with our experts to find out how Shell can help you purchase high-quality, credible carbon credits from projects that make a difference.\u003C/p\u003E\r\n","links":[{"name":"Contact our team","value":"https://www.shell.com/shellenergy/othersolutions/environmental-products/contact-us.html"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_2064926172/promo_copy_copy.shellimg.png/1770304009567/four-colleagues-gathered-around-a-table.png","alt":"Four colleagues gathered around a table in a modern office, with one person standing and gesturing while discussing ideas with the seated team members around a laptop.","width":3840,"height":2160}}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/text","model":{"text":"\u003Cp\u003E\u003Cb\u003EDate of publication: February, 2026\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"PageHeaderBanner","color":"semitransparent","model":{"title":"Shell Environmental Products","text":"\u003Cp\u003EUsed in addition to low-carbon fuels and decarbonisation technologies, quality carbon credits offer business leaders the choice to compensate for emissions that cannot yet be avoided or reduced.\u003C/p\u003E\r\n","links":[{"name":"Find out more about Shell Environmental Products","value":"https://www.shell.com/shellenergy/othersolutions/environmental-products.html"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_2064926172/page_header_copy_cop.shellimg.jpeg/1770647559358/forest.jpeg","alt":"Sunlit green hills and dense forest vegetation in a tropical landscape, with scattered trees, grazing cattle, and morning mist creating a soft, natural glow.","width":3066,"height":1341}},"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/page_header_copy_cop"},{"organism":"CallToAction","color":"brand3-solid","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/call_to_action_copy_","model":{"links":[{"name":"Contact us","value":"https://www.shell.com/who-we-are/contact-us.html","icon":"/content/dam/shell/icons/global/technology/mobile-alt.svg"},{"name":"Find out more","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions.html","icon":"/content/dam/shell/icons/global/operations/search.svg"}]}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/text_38285823_copy_c","model":{"title":"Disclaimers","text":"\u003Cp\u003E\u003Csup\u003E1\u003C/sup\u003E Sustainability Magazine. “MSCI Hints That Carbon Markets May Thaw As 2030 Approaches”. January 8, 2025\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E2\u003C/sup\u003E Shell Low Carbon Solutions. “Voluntary carbon market participant insights into demand drivers, buyer behaviour, barriers and opportunities”.\u003C/p\u003E\r\n\u003Cp\u003E*Carbon credits are not a substitute for switching to low-emission energy solutions or reducing the use of fossil fuels. Shell encourages their customers to focus first on emissions that can be avoided or reduced and only then compensate for the remaining emissions through the purchase and retirement of voluntary carbon credits. Where specific projects or project types generating carbon credits are referred to in this webpage, Shell does not guarantee that it has the carbon credits from these specific projects available in its current carbon credit portfolio; benefits of projects described are based on publicly available information from Project Developer Documents and/or provided by Project Developers. Shell does not guarantee projects will deliver the benefits exactly as described.\u003C/p\u003E\r\n\u003Cp\u003E**Photos are for illustrative purposes only and may not depict the specific projects in Shell's current carbon credit portfolio.\u003C/p\u003E\r\n"}},{"organism":"Container.List","children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/list_copy_copy/list_item_copy","model":{"title":"Cautionary Note","text":"\u003Cp\u003EThe companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this content “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this content refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.\u003C/p\u003E\r\n\u003Cp\u003EThe companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this content “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this content refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EForward-Looking statements\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThis content contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this content, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this content are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.&nbsp;Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F&nbsp;and amendment thereto&nbsp;for the year ended December 31, 2024 (available at&nbsp;\u003Ca href=\"https://www.shell.com/investors/news-and-filings/sec-filings.html\"\u003Ewww.shell.com/investors/news-and-filings/sec-filings.html\u003C/a\u003E&nbsp;and&nbsp;\u003Ca href=\"http://www.sec.gov/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003Ewww.sec.gov\u003C/a\u003E).&nbsp;These risk factors also expressly qualify all forward-looking statements contained in this content&nbsp;and should be considered by the reader. Each forward-looking statement speaks only as of the date of this content. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this content\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EShell’s net carbon intensity\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EAlso, in this content\u003Cb\u003E&nbsp;\u003C/b\u003Ewe may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries\u003C/p\u003E\r\n\u003Cp\u003E.\u003Cb\u003EShell’s net-zero emissions target\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EShell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EForward-Looking non-GAAP measures\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThis content may contain certain forward-looking non-GAAP measures such as adjusted earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements\u003C/p\u003E\r\n\u003Cp\u003E.The contents of websites referred to in this content do not form part of this content.\u003C/p\u003E\r\n\u003Cp\u003EWe may have used certain terms, such as resources, in this content&nbsp;that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F and any amendment thereto, File No 1-32575, available on the SEC website&nbsp;\u003Ca href=\"http://www.sec.gov/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003Ewww.sec.gov\u003C/a\u003E\u003C/p\u003E\r\n\u003Col\u003E\r\n\u003C/ol\u003E\r\n\u003Cp\u003E&nbsp;\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172/list_copy_copy","model":{}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_2064926172","model":{}},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"PromoCard","color":"brand1","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1710978650_c/promo_copy","model":{"title":"Shell Low Carbon Solutions","text":"\u003Cp\u003EShell created Low Carbon Solutions to help forward-thinking leaders solve these challenges and deliver more value with less emissions.\u003C/p\u003E\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n","links":[{"value":"https://www.shell.com/business-customers/shell-low-carbon-solutions.html"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_1710978650_c/promo_copy.shellimg.png/1758026709811/plane.png","alt":"A large cargo port at sunset with stacked shipping containers, yellow cranes loading a cargo ship, and a commercial airplane flying overhead. 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LNG creates a pathway to bio-LNG and, ultimately, synthetic LNG, which will drive decarbonisation in the Marine industry.\u003C/p\u003E\r\n","links":[{"value":"https://www.shell.com/business-customers/marine.html"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_1710978650_c/promo.shellimg.png/1758026719550/marine.png","alt":"View from the deck of a large cargo or tanker ship at sea, heading into a vibrant sunset with calm waters and a dramatic sky.","width":3819,"height":2151}}},{"organism":"PromoCard","color":"brand1","colspan":4,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/jcr_content/root/main/section_1710978650_c/promo_copy_33161812","model":{"title":"Shell Ventures","text":"\u003Cp\u003EInnovation is key to accelerating decarbonisation. Shell Ventures make minority investments that help to develop new technologies and disruptive business models that work to accelerate the energy and mobility transformation.\u003C/p\u003E\r\n\u003Cp\u003E\u003Ca href=\"https://www.shell.com/shellenergy/othersolutions/environmental-products.html\"\u003E \u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003E&nbsp;\u003C/p\u003E\r\n","links":[{"value":"https://www.shell.com/what-we-do/technology-and-innovation/innovate-with-shell/shell-ventures.html"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/how-to-source-high-quality-carbon-credits-that-support-your-decarbonisation-goals/_jcr_content/root/main/section_1710978650_c/promo_copy_33161812.shellimg.png/1770306607752/shell-ventures.png","alt":"A man with grey hair and glasses, wearing a teal shirt, points at a large digital display screen showing various data visualizations, including 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