Oil giant Shell plans tree-planting projects

Wednesday 15 May 2019

 
Oil giant Shell has a new plan for cutting carbon footprint: Planting millions of trees:
  • Royal Dutch Shell plans to invest $300 million over three years in reforestation projects, including in the Netherlands and Spain.
  • The initiative and others aim to offset the carbon emissions produced when customers consume the fossil fuels that Shell produces.
  • Shell is also creating a program to allow drivers to support the company's purchase of carbon credits from ecoprojects.

The CEO of Royal Dutch Shell recently said the world needs to plant enough trees to essentially create another Amazon rainforest in order to combat climate change. On Monday, the Anglo- Dutch oil major announced plans to support a mass reforestation drive.

Shell will spend $300 million over the next three years on initiatives like planting more than 5 million trees in the Netherlands and Spain, supporting forest regeneration in Australia and potentially engaging in conservation in Malaysia. The company also revealed new investments in electric vehicle battery charging stations and a fuel program to help drivers offset carbon pollution from their tailpipes.

The investments in ecosystems are part of Shell's plan to reduce its net carbon footprint by 2% to 3% over the next three years. By shoring up forests, which absorb carbon dioxide, Shell aims to offset the CO2 emitted when its customers burn the petroleum products and natural gas that it produces — and which still account for the vast majority of its revenue.

In the Netherlands, Shell is partnering with Dutch forestry service Staatsbosbeheer to plant more than 5 million trees over 12 years. In northern Spain, it will work with Land Life Co. on a 300-hectare reforestation project with a goal of planting 300,000 trees by the end of the year.

Shell has also established an 800-hectare forest regeneration project in Queensland, Australia, and is jointly studying projects with the Sarawak state government in Malaysia.

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Photo credit: Shell

Source: CNBC


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