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Machteld de Haan, Shell’s Downstream, Renewables and Energy Solutions President, said: “As we evaluated market dynamics and the cost of completion, it became clear that the project would be insufficiently competitive to meet our customers’ need for affordable, low carbon products. This was a difficult decision, but the right one, as we prioritise our capital towards those projects that deliver both the needs of our customers and value for our shareholders”

“We continue to believe that low carbon molecules, including biofuels, will underpin the future energy system. Shell is at the forefront of this industry and its development as one of the world's largest traders and suppliers of biofuels, including Sustainable Aviation Fuel (SAF),” said De Haan. 

Shell is taking action to be the investment case and partner of choice through the energy transition. Between 2023 and 2024, Shell has invested U.S.$8 billion in lower carbon options, including power, carbon capture and storage (CCS), hydrogen and low-carbon fuels. In 2024, Shell traded over 10 billion litres of low carbon fuels and sold 10 times more than we produced. In the same year, Shell became one of the world’s leading suppliers of SAF.

The Netherlands remains a key location for Shell, where our businesses span the breadth of its energy system - from upstream production of oil and gas through to our network of retail sites. In recent years, Shell has invested €6.5 billion across a wide range of energy transition projects in the Netherlands. This includes enabling CO2 storage through the Porthos CCS project, developing renewable hydrogen at Holland Hydrogen 1, and installing new furnaces and the electrification of key manufacturing processes at Shell Chemicals Park Moerdijk.

• In 2024, Shell became one of the world’s largest traders and suppliers of sustainable aviation fuel with close to 20 percent of the total sales in North America and Europe.

• Shell is partnering with Accenture and American Express GBT to develop the open blockchain-enabled Avelia platform that is helping to support the supply and demand for SAF. As of 31 March 2025, more than 57 corporations and airlines have made transactions through Avelia with over 33 million gallons of SAF injected into the existing fuel network. 

• Shell is delivering some of the lowest carbon intensity biofuels available today including bioethanol through its Raizen joint venture in Brazil (Shell interest 44%). 

• In 2022, Shell acquired waste recycling company EcoOils which produces advanced biofuels feedstock at its facilities in Malaysia and Indonesia. EcoOils deploys cutting-edge recycling technology to divert waste away from landfill and produce Spent Bleaching Earth Oil (SBEO) and Refined Palm Oil Mill Effluent (R-POME), both internationally recognised and accredited feedstocks.

• Shell acquired Nature Energy in 2023 and today has 14 biogas plants in Europe and a further 3 facilities in U.S.

• Outside of the biofuels sector, Shell currently has one renewable hydrogen electrolyser in operation 10MW Refhyne 1 (Germany); and two renewable hydrogen electrolysers under-construction, 100MW Refhyne 2 (Germany) and 200MW Holland Hydrogen 1 (Netherlands) both due to start commissioning in 2026.

• Shell also has more than 70,000 public EV charge points globally.

• Shell is part of the Northern Lights CCS joint-venture the world’s first cross-border CO2 transport & storage facility in Norway, which completed its first CO2 injection in August.

• More information on Porthos CCS: .

• Related impairments will be communicated in Shell Quarterly Results.

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “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 announcement 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.

Forward-Looking statements

This announcement 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 announcement, 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 announcement 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 and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and ). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader.  Each forward-looking statement speaks only as of the date of this announcement, September 3, 2025. 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 announcement.

Shell’s net carbon intensity

Also, in this announcement 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 is 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 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.

Forward-Looking non-GAAP measures

This announcement 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.

The contents of websites referred to in this announcement do not form part of this announcement.

We may have used certain terms, such as resources, in this announcement 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 .