
Sustainable race fuels
As part of its commitment to be net-zero by 2030, the FIA (Fédération Internationale de l'Automobile) has mandated that Formula 1 engines will have to run on 100% sustainable race fuels from the start of the 2026 season.
Shell, in technical partnership with Ferrari, is working to develop a formulation that will meet the regulatory requirements whilst still giving Scuderia Ferrari HP the performance they need on the track.
Valeria Loreti, Shell Motorsport Lead Scientist“We’re working on a new challenge – to develop a race fuel for the 2026 Formula 1 season that is made from 100% sustainable components*”
*Shell race fuel for the 2026 F1 season will be a bespoke formulation containing only sustainable components defined by FIA regulations as components certified to have derived from renewable feedstock (e.g. municipal waste or non-food biomass). The sustainable race fuel will achieve a CO2 emissions reduction compared to fossil-derived race fuel on a lifecycle basis. The Shell V-Power Race fuel which will be supplied to Scuderia Ferrari HP for the 2026 season is not a product which will be available for purchase at Shell stations.
Beyond Possibilities – with Shell Motorsport Lead Scientist, Valeria Loreti
Read the transcript
Read the transcript
Title: Beyond Possibilities – An Interview with a Shell Fuels Scientist
Duration: 00:37 seconds
Description:
Bobby Tonelli interviews Valeria Loreti, Shell Motorsport Principal Scientist and discusses Shell’s new race fuel for the 2026 Formula 1 Season that’s made from sustainable components
Beyond Possibilities – An Interview with a Shell Fuels Scientist Transcript
[Visuals]
The image is deliberately blurred, but it appears to be a man with dark brown/black slightly quiffed hair in a grey suit jacket and white t shirt is sitting in a room.
[Animated sequence]
Beyond Possibilities, an interview with a Shell Fuels Scientist
[Background music plays]
It’s the familiar sound of shell music, this is an upbeat version played by a rock pop band, the lead guitar being the main instrument.
[Visuals]
A man in a grey suit jacket and white t shirt is sitting in a room, his name is Bobby Tonelli. On the wall behind and beside him are photos of Shell scientists in red uniforms, as well as Scuderia Ferrari HP engineers and formula 1 racing cars
[Text displays and Bobby Tonelli narrates]
Formula 1 has always been about going beyond what’s possible
[Visuals]
The footage changes to a small science laboratory. Inside, two female scientists in Scuderia Ferrari HP and Shell branded red uniforms, and blue safety gloves are conducting tests on several liquids. The Laboratory is mostly white, with white cupboard.
[Text displays and Bobby Tonelli narrates]
And that’s what Shell has been working on in partnership with Scuderia Ferrari HP for over 70 years
[Visuals]
The footage changes to the Scuderia Ferrari HP Formula Garage, an male engineer in Scuderia Ferrari HP and Shell branded red uniform is preparing to add fuel to a Ferrari Formula 1 racing car., belonging to Charles Leclerc.
[Visuals]
The footage cuts back to Bobby Tonelli in the room
[Text displays and Bobby Tonelli narrates]
So what new possibilities do you guys have in store?
[Visuals]
The footage cuts to the other side of the room. A female dressed in a Scuderia Ferrari HP and Shell branded red uniform is sitting in a chair, she’s one of the scientists from the laboratory scene earlier. On the wall beside her are photos of other females in Scuderia Ferrari HP and Shell branded red uniforms and a photo of a Ferrari Formula 1 Racing car going round a race track, and a green office plant in the background.
[Text Displays]
Valeria Loreti, Shell Motorsports Lead Scientist
[Text Displays Valeria Loreti narrates]
Right now we’re working on a new challenge to develop a race fuel for the 2026 Formula One season that is made from 100% sustainable components.
[Text Displays]
*For more information about Shell’s 100% sustainable race fuel for the 2025 season visit: Shell.com/sustainable-race-fuels
[Visuals]
The footage shows a close up of Scientist Valeria’s hands. She is holding a see through glass jar with a red screw on lid. Inside the jar is a sample of animal feedstock, that looks like dried grasses and hay.
[Text Displays Valeria Loreti narrates]
It uses sustainable feedstocks to reduce emissions.
[Visuals]
The footage cuts back to Bobby Tonelli in the room
[Text Displays Bobby Tonelli narrates]
Are there compromises?
[Visuals]
The footage cuts to the other side of the room and Valeria Loreti responds to the question
[Text Displays Valeria Loreti narrates]
That’s our challenge. Sustainability with performance and efficiency.
[Visuals]
The footage cuts back to Bobby Tonelli in the room he looks into the camera
[Text Displays Bobby Tonelli narrates]
Now that’s going beyond possibilities
[Visuals]
The footage cuts a white screen, Shell shaped ripples spread out from the centre of the screen, and the familiar red and yellow Pecten logo appears in the centre, with the words Powering Progress appearing underneath. In the top right of the screen, the familiar dancing black horse in a yellow shield logo of Scuderia Ferrari HP and Ferrari Innovation Partner.
[Sound]
The familiar five note Shell mnemonic plays brightly on a piano
Beyond Possibilities – A Race With Charles Leclerc
Read the transcript
Read the transcript
Title: Beyond Possibilities – A Race With Charles Leclerc
Duration: 00:58 seconds
Description:
Bobby Tonelli along with Valeria Loreti, Shell Motorsport’s Principal Scientist and discusses Shell’s new race fuel for the 2026 Formula 1 Season, that’s made from sustainable components with Scuderia Ferarri HP’s Formula 1 driver Charles Leclerc whilst racing toy cars.
Beyond Possibilities – A Race With Charles Leclerc
[Visuals]
Walking towards the camera, a man with dark brown/black slightly quiffed hair in a brown leather jacket and black shirt and blue jeans is in a white walled room, with a red curved toy car race track is on the floor. The man is influencer Bobby Tonelli from Singapore. Written on the wall on the left in large letters ‘Beyond Possibities’
[Animated sequence]
Beyond Possibilities
[Background music plays]
It’s the familiar sound of shell music, this is an upbeat version played by a rock pop band, the lead guitar being the main instrument.
[Text displays and Bobby Tonelli narrates]
Going beyond what’s possible means doing what hasn’t been done before in Formula 1 racing
[Visuals]
The footage changes to a female and male waving at the camera. The female is in a red Ferrari uniform shirt with a Shell pecten logo and black jeans, the male in a similar red Ferrari polo shirt with Shell pecten logo, HP blue logo and light grey jogging bottoms. The female is Shell Motorsports Lead Scientist Valeria Loreti, and the male is Scuderia Ferrari HP driver Charles Leclerc
[Animated sequence]
Valeria Loreti, Shell Motorsports Lead Scientist.
Charles Leclerc, Scuderia Ferrari HP driver
[Text displays and Bobby Tonelli narrates]
And that’s why we are here today.
[Visuals]
The footage changes to a workshop, Bobby is in his leather jacket looking off camera. In the background attached to the wall of the workshop, is a selection of tools and model car parts.
[Text displays and Bobby Tonelli narrates]
I’ve got a challenge for you two
[Visuals]
The footage cuts to close ups of Valeria and Charles building toy cars with the spare parts from the workshop
[Text Displays Valeria Loreti narrates]
To fine tune this car and break the lap time of 13 seconds.
[Visuals]
The footage cuts to close up of Charles fiddling with his toy car in the workshop, whilst Valeria and Bobby look towards him
[Text Displays Charles Leclerc narrates]
We’re going to make this.
[Visuals]
Valeria and Bobby watch Charles as he lowers his toy racing car onto the red racing track on the floor. The track consists of 4 lanes with several twists and turns, including a section that goes up the wall. A small LED display shows ‘Ready’
[Visuals]
The footage changes to follow the toy car as it races around the track, Valeria and Charles watch the toy car as it races over the finish line, the LED display shows the time 0:14.87 and they both exclaim in disbelief as the car is slower than expected
[Text Displays Charles and Valeria narrate]
Noooooooooo!
[Visuals]
The footage cuts to Charles, the white wall behind him, firmly he nods to camera
[Text Displays Charles Leclerc narrates]
Again.
[Visuals]
The footage cuts to Charles, Valeria and Bobby back in the workshop, Valeria using a small screwdriver to make adjustments to the toy car.
[Text Displays Valeria Loreti narrates]
There’s a lot of fine tuning going on at the Shell lab.
[Visuals]
The footage cuts to Valeria and two other female engineers in Shell Ferrari shirts, walking down a Ferrari red corridor, on the wall are red ear defenders.
[Text Displays Valeria Loreti narrates]
We’re developing a new race fuel for the 2026 Formula One season,
[Visuals]
The footage cuts to Valeria and of the female engineers in a laboratory, they are looking at a computer screen of data, and taking samples of liquids in small test tubes and jars.
[Text Displays Valeria Loreti narrates]
That’s made from 100% sustainable components
[Visuals]
The footage cuts back to the race track, and Charles starts his modified toy car – it bounces over a jump showing how fast it is now going, and we watch it hurtle round corners.
[Visuals]
The screen splits in half, on the left, the finish line and the LED display. On the right, Valeria and Charles. We see the car pass over the finish line in a time of 0:12.39 and see Valeria’s excited reaction, and Charles’s delight, as he punches the air.
[Visuals]
The footage cuts to Bobby, Valeria and Charles, who are fist bumping each other in appreciation.
[Bobby narrates]
It takes hard work to go beyond possibilities
[Text Displays]
Beyond Possibilities
[Visuals]
The footage cuts a white screen, Shell shaped ripples spread out from the centre of the screen, and the familiar red and yellow Pecten logo appears in the centre, with the words Powering Progress appearing underneath. In the top right of the screen, the familiar dancing black horse in a yellow shield logo of Scuderia Ferrari HP and Ferrari Innovation Partner.
[Sound]
The familiar five note Shell mnemonic plays brightly on a piano
The Perfect Brew – Teh C Leclerc
Read the transcript
Read the transcript
Title: The Perfect Brew – Teh C Leclerc
Duration: 00:59 seconds
Description:
Influencer Vaune Phan along with Valeria Loreti, Shell Motorsport’s Principal Scientist discusses Shell’s new race fuel for the 2026 Formula 1 Season, that’s made from sustainable components with Scuderia Ferarri HP’s Formula 1 driver Charles Leclerc whilst creating Singaporian cups of tea.
Beyond Possibilities – A Race With Charles Leclerc
[Visuals]
A man in a red polo shirt with lots of logos on is holding a large metal beaker. He is Scuderia Ferrari HP driver Charles Leclerc. He is stood next a female in a similar red shirt, she is Shell Motorsports Lead Scientist Valeria Loreti. They are both stood in a Singaporean tea shop, and in the background a variety of colourful tea brands and condiments are on a shelf.
[Text displays and Charles narrates]
So wait, I give the tea like this?
[Visuals]
Valeria laughs at Charles’s joke as do people not shown in the shot.
[Visuals]
The shot changes to a female sat at a small table in the tea shop, she is influencer Vaune, and she is drinking a cup of tea.
[Text displays and Vaune narrates]
We all love our teas, but how would an F1 driver have his
[Visuals]
We cut to a close up of Valeria and Charles, in the tea shop, in front of several cups of tea
[Animated sequence]
Valeria Loreti, Shell Motorsports Lead Scientist.
Charles Leclerc, Scuderia Ferrari HP driver
[Text displays and Charles narrates]
Probably more light, but I'm really looking forward to today and discovering Singaporean teas.
[Visuals]
The footage changes to the tea making expert, dressing in a blue t shirt and chef’s white hat, he pours fluid from one metal beaker into a cup whilst Charles watches closely.
[Text displays and Vaune narrates]
Alright, let’s get brewing!
[Visuals]
The footage cuts to a variety of shots of the tea being made, including stirring, adding tinned milk all close up
[Text Displays Valeria Loreti narrates]
You know what Shell, we're brewing something game changing for Scuderia Ferrari HPA.
[Visuals]
The footage cuts to Valeria in a laboratory with a female engineer, they are both in red shirts with the Shell pecten logo, wearing blue protective gloves and pointing at a screen of data
[Text Displays Valeria Loreti narrates]
New race fuel that's made from 100% sustainable components.
[Text Displays]
*For more information about Shell’s 100% sustainable race fuel for the 2025 season visit: Shell.com/sustainable-race-fuels
[Visuals]
Valeria and Vaune watch Charles as he drinks a cup of tea.
[Visuals]
The footage changes to follow the toy car as it races around the track, Valeria and Charles watch the toy car as it races over the finish line, the LED display shows the time 0:14.87 and they both exclaim in disbelief as the car is slower than expected
[Text Displays Charles narrates]
That’s amazing!
[Visuals]
The footage cuts to Charles, who is pouring tea from a beaker above his head into a larger metal beaker by his waist. Valeria watches
[Text Displays Charles Leclerc narrates]
I hope my mix is as good as the one you do for my car
[Text Displays Valeria Loreti narrates]
Good things take time. That brew will be ready for the 2026 Formula One season
[Visuals]
The footage cuts Charles pouring his brewed tea into a white mug
[Text Displays Vaune narrates]
Sustainability and performance?
[Visuals]
Vaune is stood up holding Charles’s freshly poured tea, and is about to take a sip. Charles is watching in the background, but is blurred in the footage.
[Text Displays Vaune narrates]
sounds like the perfect brew.
[Visuals]
The footage cuts a white screen, Shell shaped ripples spread out from the centre of the screen, and the familiar red and yellow Pecten logo appears in the centre, with the words Powering Progress appearing underneath. In the top right of the screen, the familiar dancing black horse in a yellow shield logo of Scuderia Ferrari HP and Ferrari Innovation Partner.
[Sound]
The familiar five note Shell mnemonic plays brightly on a piano
CNA Partnership : Shell’s Sustainable Race Fuel
Read the transcript
Read the transcript
Title: CNA Partnership : Shell’s Sustainable Race Fuel
Duration: 01:52 seconds
Description:
Meet Dr. Valeria Loreti, Shell’s Principal Scientist and Delivery Manager Motorsport who is helping develop a sustainable race fuel for the Ferrari Scuderia HP 2026 Formula 1 season.
CNA Partnership : Shell’s Sustainable Race Fuel
[Music]
An upbeat instrumental pop song with strings being the lead instruments.
[Visuals]
A female is sat in a room, with a red chairs, a large green plant and the red and yellow logo of Shell on the wall. She is wearing a red shirt, with the Ferrari Scuderia HP yellow shield with the dancing black horse high on her left shoulder. On the right, the yellow white and red Shell logo. Talking to someone off camera, she introduces herself as Valerian Loreti, the Principal Scientist and Delivery Manager for Shell Motorsports.
[Text displays and Valeria narrates]
My name is Valeria Loreti, I am the Principal Scientist and Delivery Manager Motorsports at Shell
[Animated sequence]
Dr. Valeria Loreti, Principal Scientist and Delivery Manager Motorsports at Shell
[Visuals]
Fast paced visuals showing the 2024 Ferrari F1 Car racing around a track, a mixture of close ups of the car, the steering wheel controls, as well as cameras tracking the car from behind and above. Then a close up onto the eyes of Scuderia Ferrari HP driver Charles Lerclec, shot through the open visor of his crash helmet.
[Text displays and Valeria narrates]
Shell and Scuderia Ferrari HP have been working together in the Innovation Partnership since over 70 years
[Visuals]
The footage cuts back to Valeria in the room with the red chairs, the camera at a slightly different angle to before, so we see there are two green plants.
[Text displays and Valeria narrates]
The Innovation Partnership is the most recognised and winning partnership is the Formula One Paddock
[Animated sequence]
The Innovation Partnership is the most recognised and winning partnership is the Formula One Paddock
[Text displays and Valeria narrates]
Starting with 2026, we have a completely new challenge. FIA Formula One regulations mandate 100% sustainable components.
For more information about Shell’s 100% sustainable race fuel for the 2026 season visit: shell.com/sustainable-race-fuels
[Visuals]
The footage goes inside the pit garage at the Singaporean Grand Prix 2024, we see a close up of Charles’s Ferrari Formula 1 car, and a male engineer refuelling the car. The scene changes to Valeria, in the garage, rolling a Shell Red oil drum with a yellow lid towards a red door, a sign above it says ‘Shell Trackside Laboratory.
[Text displays and Valeria narrates]
That means we will have to think how to extract and manufacture those components to still give Scuderia Ferrari HP, maximum performance, efficiency and sustainability.
For more information about Shell’s 100% sustainable race fuel for the 2026 season visit: shell.com/sustainable-race-fuels
[Visuals]
The footage switches to Valeria in the small trackside lab with another female engineer in identical Ferrari and Shell red shirt.
[Text displays and Valeria narrates]
For the first time we have four full years to develop a new race fuel. As a scientist, this is the great playground where we can really explore new opportunities.
For more information about Shell’s 100% sustainable race fuel for the 2026 season visit: shell.com/sustainable-race-fuels
[Visuals]
The footage shows Valeria and three other people in the Ferrari / Shell red shirts, they are all females, walking into the Shell Trackside Laboratory. All the walls and doors outside the lab match the Red of their shirts, before cutting back to Valeria sat down in the room talking to someone off camera.
[Text displays and Valeria narrates]
The main challenge is really to continue innovating, to provide Scuderia Ferrari HP that competitive edge.
[Visuals]
Inside the Shell Trackside Laboratory, the walls and surfaces are bright white, with the occasional red and yellow strips. Inside, we see Valeria in her Ferrari / Shell red shirt, wearing blue safety gloves and transparent safety glasses. In the background, another female engineer in identical clothes is looking at data on a computer screen. Valeria is holding up a small glass test tube with a red lid and a dark liquid inside. In her other hand, another small text tube. The footage switches to a close up of a lab machine slowly turning, containing other red lidded test tubes.
[Text displays and Valeria narrates]
The molecules and the chemistry which is present in the race fuel blend comes from crude oil.
[Visuals]
The footage cuts to a close up in the trackside lab, Valeria is looking closely at two test tubes, through the glass we can see on is a light brown colour, the other a much darker brown.
[Text displays and Valeria narrates]
Starting from 2026, we’re going to ban crude oil and start manufacturing molecules from advanced sustainable feedstocks. For example, we are going to extract this carbon and hydrogen from municipal waste, or recycled plastics, or the residues of agricultural stocks.
[Visuals]
The footage switches to a sequence of close ups on test tubes, with animations to show what’s inside. Starting with black liquid and the words Crude Oil, this is replaced with 5 test tubes with a clear liquid inside and the word Molecules. This scene changes to 6 test tubes in a row, the black liquid on the left, the next three have a mixture of straw, plants and plastic inside, the remaining 2 are seemingly empty. Large words appear on the screen ‘Sustainable feedstocks’. The footage then crops into the final three test tubes in the row, the first is ‘recycled plastics’, the two that appeared to be empty actual contain ‘Hydrogen’ in one, and ‘Carbon Dioxide’ in the other. The camera cuts to a close up of the first 3 test tubes in the row, with the first black material named as ‘Municipal Bio-waste’, the 2nd ‘Recycled Plastics’ and the third that looks like straw ‘Agricultural Waste Residue’.
[Text displays and Valeria narrates]
Working in Formula One is very special work. Continuous change in FIA Formula One regulations, push us into exploring new areas, we have new constraints but also new challenges. It keeps us thinking about new opportunities in an environment what Scientist are always pushed beyond the limits.
[Visuals]
The footage switches back to Valeria at the track, she’s walking through Ferrari Red doors in her Ferrari / Shell red shirt, followed by 3 female engineers wearing exactly the same. In the background we see other people wearing the same. We follow Valeria and the engineers as they walk through the Scuderia Ferrari HP garage, moving past computer monitors and other engineers. One of them is working on Charles Lerclec’s formula 1 car. In the background, we can see a Shell V-Power fuelling unit, similar to what you’d see on a Shell forecourt. A male engineer plugs in the refuelling pipe and starts to fuel the car. The camera returns to the Shell Trackside Lab, Valeria and another female engineer are looking at data on a computer screen. They are still wearing their Ferrari / Shell red shirts, safety glasses and blue safety gloves. Finally in this sequence, the camera cuts back to the room with the red chairs, Valeria is looking and smiling to camera with her arms folded.
[Visuals]
The footage cuts a white screen, Shell shaped ripples spread out from the centre of the screen, and the familiar red and yellow Pecten logo appears in the centre, with the words Powering Progress appearing underneath. In the top right of the screen, the familiar dancing black horse in a yellow shield logo of Scuderia Ferrari HP and Ferrari Innovation Partner.
[Sound]
The familiar five note Shell mnemonic plays brightly on a piano
Join Shell GO+ today for a more rewarding journey
Earn points, hit milestones, redeem rewards and go for more – all in one simple, convenient app!
Innovation in motorsport
Find out more about Shell's technical partnership with Scuderia Ferrari HP
Shell's target is to become a net-zero emissions energy business by 2050.
Shell’s climate target
Tackling climate change is an urgent challenge. That’s why Shell’s target is to become a net-zero emissions energy business by 2050. This means net-zero carbon emissions from our operations. It also means net-zero carbon emissions from the energy products we sell, including those produced by others, which currently account for over 90% of the total emissions we report.
Shell are investing $10-15 billion on low-carbon energy solutions between 2023 and the end of 2025. Shell are also investing in oil and gas production with lower emissions as we provide energy today while helping to build the low-carbon energy system of the future.
Legal disclaimer
Legal disclaimer
Cautionary Note
The 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 where references are made to 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 term “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.
Forward-Looking Statements
This 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’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘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; (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 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, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) 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. 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 for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this content 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.
Shell’s Net Carbon Intensity
Also, in this content we 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 are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target
Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans 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.
Forward-Looking non-GAAP measures
This content may contain certain forward-looking non-GAAP measures such as cash capital expenditure 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.
The contents of websites referred to in this content do not form part of this content.
We may have used certain terms, such as resources, in this content 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, File No 1-32575, available on the SEC website www.sec.gov.