The Australian unit of Royal Dutch Shell has announced it has acquired a carbon farming project developer, Select Carbon.
This move is expected to contribute to Shell’s ambition to be a net zero energy business by 2050 – supporting carbon credits as a solution to decarbonise the global economy, the energy giant has now gained access to Select Carbon’s portfolio of more than 70 projects, covering about nine million hectares across different ecosystems.
The carbon credits generated through these projects are sold through the Australian Government’s Emissions Reduction Fund, creating an additional source of revenue for farmers and landowners.
Shell Australia Chairman Tony Nunan, commented: “The scale of Australia’s rangelands, ecological diversity and integrity of intact primary forests make this market a natural choice for Shell’s first acquisition globally for our nature-based solutions business and to further scale Shell’s investment in this area here in Australia.”
Dean Revell, CEO of Select Carbon, said: “It is a great opportunity to work alongside land managers to achieve multiple outcomes, including resilient regional businesses and landscape health. Our collective immediate actions, and those over the next few decades, will be critical to ensure liveable, productive and sustainable environments for generations to come.”
This acquisition complements Shell’s efforts in expanding renewable energy investments and reducing the carbon intensity of natural gas operations.
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