Our progress towards net zero#PoweringProgressShell plcEnergy Transition Progress Report 2022ContentsDesign and production:Friend Implementation:nexxar Print:Toppan MerrillIntroduction02Chairs message04Chief Executive Officers introduction06The path to net zero07Our progress towards net zero08Carbon performance at a glanceOur performance10Absolute emissions10Absolute emissions progress11Net carbon intensity13Reducing carbon intensityDecarbonising our portfolio16Transforming the energy system17Electricity18Hydrogen19Biofuels20Conventional fuels21In focus:Carbon capture and storage21In focus:Carbon credits22Energy transition in actionFinancial framework24Investments and returns25Investing in net zeroPolicies and governance27Climate policy engagement27Climate governance28A just transition28Climate standards and benchmarksLitigation and activism31Climate litigation and activismIntroductionand summaryWelcome to Shells Energy TransitionProgress Report.This report aims toupdate shareholders and wider society onhow Shell has progressed in 2022against the energy transition strategy weannounced in 2021.02Chairs message04Chief Executive Officers introduction06The path to net zero07Our progress towards net zero08Carbon performance at a glanceIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 01Shell Energy Transition Progress Report 2022Chairs messageSir AndrewMackenzieChairOur second Energy Transition Progress Report comes as the Russian war in Ukraine continues to have a devastating effect on the lives of many.The conflict has also highlighted the need for a global supply of secure and affordable energy.Amid this period of heightened uncertainty,wehave worked hard to keep energy flowing to households and businesses around the world.In 2022,I witnessed first-hand how our staff diverted energy supplies to where they were most needed.In total,we delivered 194 cargoes ofliquefied natural gas to Europe almost five times our usual average.This work helped to avert the threat of blackouts and to build up energysupplies ahead of next winter.Against this backdrop,we made good progress in putting our energy transition strategy into action.As we delivered the oil and gas the worldneeds today,we reduced carbon emissions from our operations by 30%by the end of 2022,compared with 2016 on a net basis.This is morethan halfway towards our target of a 50%reduction by 2030.Global energy-related carbon emissions increased by around 4%over the sameperiod.AWe continued to work towards becoming a net-zero emissions energy business by 2050 by making significant investments in solar and windpower,biofuels and hydrogen.For example,we made our biggest acquisition in the energy transition yet with the purchase of Denmarks NatureEnergy for around$2 billion.This acquisition makes us Europes largest producer of renewable natural gas,which is made from agricultural,industrial and household waste.Renewable natural gas can be used by customers in sectors such as commercial road transport and shipping.This is part of the work we areundertaking,sector by sector,to identify the low-and zero-carbon products that our customers need to reduce their emissions.We continued to build infrastructure to help our customers switch to low-and zero-carbon energy.In 2022,for example,we increased thenumber of electric vehicle chargers we owned or operated by 62%to around 139,000,compared with the previous year.The development of new technologies is vital to decarbonising our own operations,as well as reducing the emissions for our customers.In 2022,we launched the Energy Transition Campus Amsterdam in the Netherlands,which creates an opportunity for Shell and other companies toresearch new technologies for the energy transition.Engaging with shareholdersThe continued support of our shareholders is critical to Shells success as a company.In 2021,shareholders supported our energy transitionstrategy with 89%of the votes.In contrast,a resolution by shareholder group Follow This calling for a different energy transition strategyreceived 30%of the votes.Shareholders will get the opportunity to vote again on our strategy in 2024.In 2022,80%of our shareholders voted in support of the progress we had made in 2021 in implementing our energy transition strategy.Alongwith other Board members,I met many of our largest investors following that vote,including during investor engagements in September.I amgrateful for their time and feedback,and look forward to our next engagements in April 2023.The publication of annual progress reports,along with the advisory votes,have resulted in a more informed dialogue with our institutionalinvestors.We heard,for example,that some large investors did not follow the Boards recommendation to vote in support of Shells progress in2022,because they mainly focused on Shells energy transition strategy overall,and not on our progress.Some shareholders also indicated thatsocietal pressure,potential media coverage,and expectations from investors in their funds were reasons for not following the Boardsrecommendation.Other investors told us they would like Shell to introduce medium-term targets to reduce absolute Scope 3 emissions produced by customerswhen they use our products.The Board has considered setting a Scope 3 absolute emissions target but has found it would be against thefinancial interests of our shareholders and would not help to mitigate global warming.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 02Shell Energy Transition Progress Report 2022This year,we are again asking shareholders to vote at our Annual General Meeting on the progress we have made in 2022 as we implement ourenergy transition strategy.As in previous years,this vote on our progress measured against our targets and plans is purely advisory,and notbinding for our shareholders.The legal responsibility for approving or objecting to Shells strategy lies with the Board and Executive Committee.We believe the progress we have made in line with our energy transition strategy has been to the benefit of our customers,our shareholders andwider society.The Board recommends that you vote in favour of Resolution 25 in support of the energy transition progress that Shell made in2022,as described in this report and in our Annual Report and Accounts 2022.A According to our analysis and data from the International Energy Agency.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 03Shell Energy Transition Progress Report 2022Chief Executive Officers introductionWael SawanChief ExecutiveOfficerThe Russian invasion of Ukraine has had significant effects on the global energy system,with many countries needing to replace the supplies ofnatural gas that previously came from Russia.Governments acted swiftly.The European Unions REPowerEU plan and the Inflation Reduction Act in the USA gave strong support to renewableenergy.In Germany,two floating storage and regasification terminals were up and running by the end of the year,allowing the country toimport more of the liquefied natural gas(LNG)it needs.But the energy system still faces huge challenges as high energy prices continue to contribute to a cost-of-living crisis for many people.Thesechallenges have highlighted the need for a balanced energy transition:one in which the world achieves net-zero emissions,while still providing asecure and affordable supply of energy.Supplying vital energyIn this report,we show the progress we have made towards becoming a net-zero emissions energy business by 2050,as we continue to supplythe vital energy the world needs during a time of great volatility.I am especially proud of the progress we have made in reducing carbon emissions from our operations,with a 30%reduction by the end of2022,compared with 2016 on a net basis.That puts us more than halfway towards our target to reduce them by 50%by 2030.We also continued to change the energy mix of our portfolio.By the end of 2022,the net carbon intensity of the energy products sold by Shellhad fallen by 3.8%,compared with 2016.Our analysis,using data from the International Energy Agency,shows the net carbon intensity of theglobal energy system fell by around 2%over that time A.Beyond our immediate performance against our targets,we have taken other important steps to advance our strategy.In LNG,for example,weexpanded what is already a world-leading business.We expect that LNG will play a key role in a balanced energy transition.It produces fewergreenhouse gas emissions than coal when used to generate electricity,and fewer emissions than petrol or diesel when used as a fuel fortransport.In 2022,we joined two exciting projects in Qatar,including what will be the largest LNG project in the world.These projects will use carboncapture and storage,helping to reduce emissions.Investing in low-carbon projectsAt the same time,we made significant moves to increase our supply of low-and zero-carbon energy,in line with our strategy.In 2022,weinvested$1.6 billion in Indian renewable power developer Sprng Energy.We also announced the acquisition of Denmarks Nature Energy,whichproduces renewable natural gas from agricultural,industrial and household waste,for around$2 billion.Our Powering Progress strategy is designed to transform Shell into a net-zero emissions energy business,while generating strong returns for ourshareholders.We will use the strength of our brand,customer relationships and balance sheet to add value to these acquisitions.With Nature Energy,for example,we expect to make strong returns from our investment because we already have customers for biofuels incommercial road transport and shipping,and the trading expertise to connect opportunities in supply and demand.Similarly,the strength of our integrated portfolio gives us confidence in our investment in Holland Hydrogen 1 in the Netherlands,which will beEuropes largest renewable hydrogen plant.The power for the electrolyser will come from an offshore wind farm that is partly owned by Shell.The renewable hydrogen will be used at the Shell Energy and Chemicals Park Rotterdam to help decarbonise the production of products likepetrol,diesel and aviation fuel.Renewable hydrogen can also be used for commercial road transport,a sector where we already have a leadingposition in Europe.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 04Shell Energy Transition Progress Report 2022Building on our strengthsIn 2022,we invested$8.2 billion in low-carbon energy and non-energy products,around a third of our total cash capital expenditure.Of that,we invested$4.3 billion in low-carbon energy solutions,including biofuels,hydrogen,charging for electric vehicles and renewable powergeneration.The remaining$3.9 billion was spent on non-energy products such as chemicals,lubricants and convenience retail,which do notproduce emissions when they are used by our customers.As we invest in the energy transition,we will continue to build on our competitive strengths.We will earn the trust of investors and the right togrow these emerging businesses by demonstrating that we can deliver strong returns.Shareholder supportIn 2021,89%of shareholders at our Annual General Meeting voted in favour of Shells energy transition strategy,which centres on our target tobecome a net-zero emissions energy business by 2050.As you will read in this report,we have made good progress in the first two years of thatstrategy by reducing emissions from our operations,and by making more low-and zero-carbon products available to our customers.Today,I askour shareholders for their continued support,by voting in favour of the progress we are making on our journey to net-zero emissions.A For more details see performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 05Shell Energy Transition Progress Report 20222023Increased the weighting of the energy transition performance metric in the long-term incentive plan from 20%to 25%.2022Achieved our target to reduce the net carbon intensity of the energy products we sell by 3-4%compared to 2016.Made significant investment decisions and portfolio changes.These include Nature Energy,a renewable natural gasproducer,Holland Hydrogen 1,and renewable power developer Sprng Energy.Invested$4.3 billion in low-carbon energy solutions and$3.9 billion in non-energy products.Introduced three new metrics in the annual bonus scorecard,to more fully reflect Shells role in the energy transition.For the first time offered shareholders an advisory vote on the annual progress made in implementing our energy transitionstrategy.Simplified our share structure,allowing us to manage our portfolio with greater agility in the energy transition.2021Launched our Powering Progress strategy setting out how we will transform into a net-zero emissions energy business.Offered shareholders an advisory vote on our energy transition strategy.They overwhelmingly supported the strategy.Set a new target to reduce absolute emissions from our operations(Scope 1 and 2)by 50%by 2030,compared to 2016 on anet basis.2020Announced target to become a net-zero emissions energy business by 2050.Extended the energy transition performance metric to around 16,500 employees through the Performance Share Plan(PSP).2019Published our first Industry Associations Climate Review,which reviewed the alignment between our climate-related policypositions and those of 19 key industry associations of which we are a member.2018Signed a joint statement with institutional investors on behalf of the Climate Action 100 investor group announcing steps thatShell has taken to demonstrate alignment with the goals of the Paris Agreement on climate change.2017Announced ambition to reduce the carbon intensity of the energy products we sell by around half by 2050,including the fulllife-cycle emissions from the use of our energy products by customers.Steps on the path to net-zero emissionsIn 2023,for the second time,we are offering shareholders an advisory vote on ourprogress in implementing our energy transition strategy.This vote is part of our continuingdialogue with shareholders as we work to become a net-zero emissions energy businessby 2050.Shareholders supported our energy transition strategy in 2021.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 06Shell Energy Transition Progress Report 2022Our progress in 2022 towards net zeroReduced Scope 1 and 2absolute emissions by 30%More than halfway towards our targetto reduce them by 50%by 2030,compared to 2016 on a net basisReduced net carbonintensity by 3.8hieved 2022 target of 3-4%reduction,making progress towards reducing ournet carbon intensity by 20%by 2030and 100%by 2050,compared to 2016Invested$4.3 billionin low-carbon energysolutions,and$3.9 billionin non-energy productsProvidingour customerswith moreelectricityIncreased electric vehicle charge pointsby 62%to around 139,000More than doubled renewablegeneration capacity to 6.4 GWAcquired Sprng Energy,a leadingrenewable power platform(India)Integrated Savion,a solar and energystorage developer(USA)Won offshore wind bids(NL,UK,USA)DevelopingrenewablehydrogenTook final investment decisionfor Holland Hydrogen 1 in theNetherlands(200 MW electrolysercapacity)Added 20 MW electrolyser capacityin ChinaGrowingour biofuelsportfolioBlended 9.5 billion litres of biofuels(6%of global consumption)Acquired Nature Energy(Denmark),the largest producer of renewablenatural gas in EuropeSigned large,long-term agreement tobuy ethanol made from sugar-canewaste from Razen(Brazil)ProvidingconventionalfuelsSelected as partner in 2 largeLNG projects with carboncapture and storage in QatarDelivered 194 LNG cargoesto Europe(almost five timesour usual average)IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 07Shell Energy Transition Progress Report 2022(million tonnes CO1,6451,3752016 B20211,2402022More than halfway towards our target to reduceScope 1 and 2 emissions by 50%by 2030Read more in Absolute emissions.Net carbon intensity reduction target achievedfor two consecutive years.We believe our total absolute emissions peaked in 2018at 1.73 gigatonnes of carbon dioxide equivalent(GtCORead more in Net carbon intensity.A Operational control boundary.B Reference year.C Our target is to eliminate routine gas flaring from the upstream assets we operate and to have kept methane emissions intensity of Shell-operated assets under 0.2%by 2025.D Shells NCI is the average intensity,weighted by sales volume,of the energy products sold by Shell.Estimated total greenhouse gas(GHG)emissions includedin NCI(net)correspond to well-to-wheel emissions associated with energy products sold by Shell,on an equity boundary,net of carbon credits.This includes thewell-to-tank emissions associated with the manufacturing of energy products by others that are sold by Shell.Emissions associated with the manufacturing and useof non-energy products are excluded.E 2021 target 2-3%reduction,2022 target 3-4%reduction,both achieved.F There was a decrease in 2020 from 2019 related to volumes associated with additional contracts being classified as held for trading purposes with effect from January 2020.We estimate that netting of oil products sales volumes resulted in a reduction in GHG emissions of 102 million tonnes COActualTargetKeyCarbon performance at a glanceOur carbon targets for absolute Scope 1 and 2 emissions and net carbon intensityIn 2022,we continued to make progress towards our 2030 targets.By the end of 2022,we had reduced our Scope 1 and 2 emissionsfrom our operations by 30%,compared with our 2016 reference year on a net basis.The net carbon intensity of the energy products wesell decreased by 3.8%,compared with our 2016 reference year.This reduction in net carbon intensity reflects an increase in sales oflow-and zero-carbon energy,helping our customers to decarbonise their energy use.Scope 1&2 operational emissions AReducing Scope 1 and 2 emissions under our operational controlReducing emissions associated with our customers use of energy productsEstimated total GHG emissions included in NCI(net)D F2e)Net carbon intensity(NCI)D(g CO2e/MJ)20225203079-2.5%E-6-8%-9-12%-9-13%-20 35-45 50-100%-3.80222016 B2e).2e(million tonnes CO2e)8368584102016 B2025050%target reductionby 2030Routine flaring A C(million tonnes hydrocarbons flared)Methane intensity A C(%)0.20.060.1202120220.0520212022Net carbon intensity(NCI)D(g CO2e/MJ)IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 08Shell Energy Transition Progress Report 2022OurperformanceRead about our performance against ourclimate targets and how we are workingto achieve net-zero emissions by 2050.10Absolute emissions10Absolute emissions progress11Net carbon intensity13Reducing carbon intensityIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 09Shell Energy Transition Progress Report 2022Absolute emissionsReducing our absolute Scope 1 and 2 emissionsTo achieve net-zero emissions by 2050,we are transforming how we produce energy.In October 2021,we set a target to halve the emissionsfrom our operations(Scope 1),plus the energy we buy to run them(Scope 2),by 2030 compared with 2016 levels on a net basis.To decarbonise our operations,we are focusing on:If required,we may choose to use high-quality carbon credits to offset any remaining emissions from our operations,in line with the mitigationhierarchy of avoid,reduce and compensate.The chart below shows our progress since 2016 in reducing our Scope 1 and 2 emissions and gives an indication of how we expect to achieveour target in 2030.The actions we will take to achieve our target will depend on the evolution of our asset portfolio and the continueddevelopment of technologies which reduce carbon emissions.Following divestment activity in 2022,we expect that on a net portfolio basis,newinvestments across our portfolio will increase our Scope 1 and 2 emissions between 2023 and 2030 and that they will exceed reductionsassociated with planned divestments and natural decline.Our investments in producing low-carbon energy such as biofuels will increase ourScope 1 and 2 emissions,while reducing the net carbon intensity of the products we sell.Subsequent reductions in our emissions are reflected inthe mechanisms outlined below and reflect an expected path to meeting our target in 2030.Working to reduce our absolute Scope 1 and 2 emissionsScope 1 and 2 emissions in million tonnes per annum A BScope 2Scope 1abTargetc-50Ac6858718083ab7270512030Carboncredits CCarboncaptureand storageUse ofrenewablepowerEnergy and chemicals park transformationEfficiencyimprove-mentsPortfoliochanges202192016-30%A The 2016 Base Year was not recalculated in 2022.The 2016 Base Year may be recalculated in future years if an acquisition or a divestment has an impact of more than 10%on the totalScope 1 and 2 emissions.B Operational control boundary.C Including nature-based solutions.Absolute emissions progressIn 2022,our total combined Scope 1 and 2 absolute greenhouse gas emissions(from assets and activities under our operational control)were58 million tonnes on a CO2equivalent basis,a 15%reduction compared with 2021,and a 30%reduction compared with 2016,the referenceyear.Our direct greenhouse gas emissions(Scope 1)decreased from 60 million tonnes of carbon dioxide equivalent(CO2e)in 2021 to 51million tonnes CO2e in 2022.This reduction was achieved through divestments in 2021 and 2022(such as the Deer Park and Puget Soundrefineries in the USA)and the handover of operations in OML 11 in Nigeria in 2022;shutdowns or conversion of existing assets,including theshutdown of some units at the Shell Energy and Chemicals Park Singapore;greenhouse gas abatement projects and purchase of renewableelectricity.These decreases were partly offset by the commissioning of Shell Polymers Monaca.making portfolio changes such as acquisitions and investments in new,low-carbon projects.We are also decommissioning plants,divestingassets,and reducing our production through the natural decline of existing oil and gas fields;improving the energy efficiency of our operations;transforming our remaining integrated refineries into low-carbon energy and chemicals parks,which involves decommissioning plants;using more renewable electricity to power our operations;anddeveloping carbon capture and storage(CCS)for our facilities.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 10Shell Energy Transition Progress Report 2022Our Annual Report and Accounts 2022 provides more details of how we reduced our Scope 1 and 2 emissions.To date,we have not usedcarbon credits to achieve our Scope 1 and 2 emissions reductions.Scope 1 and Scope 2 greenhouse gas emissions changes from 2016 to 2021 and from 2021 to 2022million tonnes carbon dioxide equivalent(CO2e)AcquisitionsabDivestmentscReduction activities and purchased renewable electricity B C D EdEmissions AChange in output FeOtherf70606555205808590835.0(9.2)6.6(15.4)(2.3)680.0(2.0)(0.9)(7.5)0.458abdecfabdecfaA Total Scope 1 and Scope 2 emissions,rounded to the closest million tonnes.Scope 2 emissions were calculated using the market-based method.B In addition to reductions from GHG abatement and energy efficiency projects,this category also includes reductions from permanent shutdown of Convent and Tabangao refineries and theimpact of transformational activities at our Shell Energy and Chemicals Park in Singapore.C Excludes 5.80 million tonnes of CO2captured and sequestered by the Shell-operated Quest CCS facility in Canada in 2016-2021.Scope 1 and 2 GHG emissions from operating Quest areincluded in our total emissions.D Excludes 0.97 million tonnes of CO2captured and sequestered by the Shell-operated Quest CCS facility in Canada in 2022.Scope 1 and 2 GHG emissions from operating Quest areincluded in our total emissions.E Of the 2,010 thousand tonnes of reduction activities and purchased renewable electricity in 2022,80 thousand tonnes related to purchased renewable electricity.F Change in output relates to changes in production levels,including those resulting from shutdowns and turnarounds as well as production from new facilities.Methane emissionsMethane emissions are included in our Scope 1 and 2 emissions reporting.In 2022,we reduced total methane emissions from our operations by27%to 40,000 tonnes,compared with 55,000 tonnes in 2021.Our target to keep methane emissions intensity below 0.2%was met in 2022with Shells overall methane emissions intensity at 0.05%for facilities with marketing gas and 0.01%for facilities without marketing gas.Routine flaringIn 2022,routine flaring from our upstream operations fell to 0.1 million tonnes of hydrocarbons from 0.2 million tonnes of hydrocarbons in theprevious year.Our aim is to eliminate routine gas flaring from our upstream operations by 2025.We undertake external verification of our greenhouse gas emissions annually.Our Scope 1 and 2 greenhouse gas emissions from assetsand activities under our operational control and emissions associated with the use of our energy products(Scope 3)included in our netcarbon intensity have been verified to a level of limited assurance.Net carbon intensityWe use net carbon intensity A to show our progress in changing the mix of energy products we sell to customers.Net carbon intensitymeasures emissions associated with each unit of energy we sell.It reflects changes in sales of oil and gas products,and changes in sales of low-and zero-carbon products and services-such as biofuels,hydrogen and renewable electricity.Net carbon intensity measures the transformation that is happening in our portfolio as we implement our energy transition strategy.Achievingnet-zero emissions by 2050 is the same as achieving 100%reduction in net carbon intensity.Unlike Scope 1 and 2 emissions,reducing the net carbon intensity of the products we sell requires action by both Shell and our customers,withthe support of governments and policymakers to create the right conditions for change.A Shells net carbon intensity is the average intensity,weighted by sales volume,of the energy products sold by Shell.It is tracked,measured and reported using our Net Carbon Footprint(NCF)methodologyIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 11Shell Energy Transition Progress Report 2022Aligning our targets with ParisShells target is to become a net-zero emissions energy business by 2050.We also have short-,medium-and long-term targets to reduceour carbon intensity,measured using our net carbon intensity metric.We believe these targets are aligned with a 1.5C pathway derivedfrom the scenarios used in the IPCC Special Report on Global Warming of 1.5C(SR 1.5),most of which show the global energy systemreaching net zero between 2040 and 2060.There is no established standard for aligning an energy suppliers decarbonisation targets with the temperature limit goal of the ParisAgreement.In the absence of a broadly accepted standard,we have developed our own approach for demonstrating Paris alignment bysetting carbon intensity targets within a pathway derived from the IPCC SR 1.5 scenarios.This pathway is aligned with the more ambitioustemperature goal of the Paris Agreement to limit global average temperature rise to 1.5C above pre-industrial levels by 2100.When constructing the pathway,we started by filtering out certain scenarios to ensure that Shells targets are aligned with earlier actionand low-overshoot scenarios.Overshoot refers to the extent to which a scenario exceeds an emissions budget and subsequently relies onsinks to compensate for the excess emissions.Next,we calculated the carbon intensity(grammes of CO2/MJ of energy)for each of theremaining scenarios by dividing net emissions by total final energy consumption,with electricity represented as a fossil fuel equivalent.To set a starting point,we then indexed the resulting carbon intensities to a common value of 100 in 2016 to remove the impact ofdifferences between Shells historical net carbon intensity and the intensities calculated from the IPCC scenarios.Finally,the pathway wasconstructed using the range of carbon intensity reductions over time.Outlying values at the top and bottom of the range were removed,which had the effect of narrowing the final pathway.By using the 1.5C pathway produced by this approach to set our targets,we aligned them with the necessary reduction in carbonintensity shown in the 1.5C scenarios.This is illustrated in the table,which shows that our targets are positioned within the range of the1.5C pathway.The upper and lower limits represent the upper and lower boundaries of the 1.5C pathway derived using the approachdescribed above.Shells Paris-aligned targets202320242025203020352050IPCC-derived upper range-4%-5%-7%-15%-34%-68%IPCC-derived lower range-10%-13%-17%-36%-64%-104%Shell target range6-8%9-12%9-13 E0%Until 2035,our calculation of the total net emissions of each scenario includes only the expected mitigation actions by Shell,such ascarbon capture and storage and offsetting using natural sinks.Any use of offsets included in the carbon-neutral energy products we offerour customers is also part of our calculation.After that date,we include mitigation actions taken separately by our customers.This isbecause we expect that customers will need to take action to mitigate their emissions from the use of our products if society is to achievethe goals of the Paris Agreement.To account for reductions in emissions across full energy value chains it is necessary to build new protocols to include mitigation actions byboth energy suppliers and users.Currently,energy suppliers report the Scope 3 emissions from the use of their products,which areequivalent to the Scope 1 emissions reported by the users of those products.However,when users of energy products mitigate their Scope1 emissions by the use of carbon capture and storage or offsets there is no protocol for reflecting a corresponding reduction in the Scope 3emissions reported by the energy supplier.We will continue to engage stakeholders on these carbon protocols and will seek to align withnew frameworks as they evolve.As an energy provider,Shell has set a target to reduce the net carbon intensity of the energy products it sells by 20%by 2030.Webelieve that this target is aligned with a 1.5C pathway derived from the IPCC SR 1.5 scenarios.We also believe that the pace of changewill vary around the world by region and by sector,taking into consideration the time needed for energy users to invest in large-scaleequipment,and the energy infrastructure changes needed for Shell to deliver more low-and zero-carbon energy.In focusIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 12Shell Energy Transition Progress Report 2022Reducing carbon intensityThe biggest driver for reducing our net carbon intensity is increasing the sales of and demand for low-carbon energy.The chart below illustrateshow changes in the volume of products and services we sell could result in net carbon intensity reductions through to 2030.The change in oursales of these products and services will also reflect the development and adoption of new technologies and infrastructure,and the adoption ofpublic policies designed to encourage the energy transition.Working to reduce our net carbon intensityNet carbon intensity in gCO2e/MJ A6377792030CarboncreditsFCarboncaptureand storageELow-carbonfuels salesDElectricitysalesCHydrocarbonsalesB202220212016Grow powersalesGrow biofuels,develophydrogenDevelop CCSHigh-qualitycarbon credits-20%-3.8vbaTargetabActualA Grams of carbon dioxide equivalent per megajoule.B Hydrocarbon sales reflect the effect of lower sales of oil products,and higher sales of natural gas.Emissions associated with gas are lower than those of oil products.C Electricity sales show the expected growth of our integrated power business and increasing sales of renewable electricity.D Sales of low-carbon fuels reflect higher sales of biofuels and hydrogen,which are low-and zero-carbon products.E Carbon capture and storage(CCS)reduces carbon emissions by capturing them at source.F Carbon credits such as nature-based solutions can be used to offset remaining carbon emissions,particularly in hard-to-abate sectors such as aviation and industries including cement andsteel.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 13Shell Energy Transition Progress Report 2022Carbon intensity performanceIn 2022,Shells net carbon intensity was 76 grams of carbon dioxide equivalent per megajoule of energy(gCO2e/MJ),a 1.3crease fromthe previous year and a 3.8%reduction compared with 2016,the reference year.The decrease in Shells net carbon intensity in 2022 wasprimarily due to an increased proportion of renewable power and corresponding reduction in the carbon intensity of our power sales.Shells2022 net carbon intensity includes 4.1 million tonnes of carbon credits,compared with 5.1 million tonnes which were included in Shells 2021 netcarbon intensity.The net carbon intensity only includes carbon credits that are retired against energy products.Share of energy delivered per energy product type A-F2022202120202016Gas(carbon intensity in 2022 was 65 gCO2e/MJ)abLiquefied natural gas(LNG)(carbon intensity in 2022 was 70 gCO2e/MJ)cBiofuels(carbon intensity in 2022 was 39 gCO2e/MJ)dbaced14$%7%1T%1!%1%1G D%Oil products and gas-to-liquids(GTL)(carbon intensity in 2022 was 91 gCO2e/MJ)Power(carbon intensity in 2022 was 58 gCO2e/MJ)e12%E%A Percentage of delivered energy may not add up to 100cause of rounding.B Total volume of energy products sold by Shell,aggregated on an energy basis,with electricity represented as fossilequivalents.This value is derived from energy product sales figures disclosed by Shell in the Annual Report and theSustainability Report.C Lower heating values are used for the energy content of the different products and a fossil-equivalence approach is used toaccount for electrical energy,so that it is assessed on the same basis as our other energy products.D The net carbon intensity calculation uses Shells energy product sales volumes data,as disclosed in the Annual Report andSustainability Report.This excludes certain contracts held for trading purposes and reported net rather than gross.Business-specific methodologies to net volumes have been applied in oil products and pipeline gas and power.Paper trades that do notresult in physical product delivery are excluded.Retail sales volumes from markets where Shell operates under trademarklicensing agreements are also excluded from the scope of Shells carbon intensity metric.E Emissions included in the carbon intensity of power have been calculated using the market-based method.F The carbon intensity of biofuels provided in the graph“Share of energy delivered per energy product type”reflects theglobal average for biofuels sold by Shell for 2022.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 14Shell Energy Transition Progress Report 2022Decarbonisingour portfolioRead how Shell is helping customersreduce their emissions.16Transforming the energy system17Electricity18Hydrogen19Biofuels20Conventional fuels21In focus:Carbon capture and storage21In focus:Carbon credits22Energy transition in actionIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 15Shell Energy Transition Progress Report 2022Transforming the energy systemTo help to transform the energy system,we:Our integrated energy portfolio AAviationMarineCommercialroad transportPersonalmobilityLight industry/commercialHeavyindustryElectricityHydrogenBiofuelsConventionalfuelsEnergy solutionsCustomer sectorsCarbon capture and storage(applicable across all sectors)Carbon credits B(applicable across all sectors)A Graphic shows our portfolio of energy solutions and the sectors we can help to decarbonise over time.It does not include other products such as chemicals and lubricants.B Including nature-based solutions.provide more electricity to customers,while also driving a shift to renewable electricity;develop low-and zero-carbon alternatives to traditional fuels,including biofuels,hydrogen,and other low-and zero-carbon gases;work with our customers across different sectors to decarbonise their use of energy;andaddress any remaining emissions from conventional fuels with solutions such as carbon capture and storage and carbon credits.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 16Shell Energy Transition Progress Report 2022ElectricityElectricity supply and sectorsCustomer sectorsSupplyEnergysolutionElectricityCommercialroad transportMobilityLight industry/commercialHeavyindustryOnshorerenewablesResidentialOffshorerenewablesElectricitygridGas-fired powergenerationIn 2022,we sold 243 terawatt hours(TWh)of electricity,and we took significant steps to invest in renewable generation and grow our electricvehicle charging network.We more than doubled our solar and wind generation capacity in operation,under construction and/or committed for sale to 6.4 gigawatt(GW),from 3 GW in 2021.This includes 2.2 GW in operation and 4.2 GW in development.We also have a further 45 GW of renewablegeneration capacity in our pipeline of future projects.Our single biggest investment was the$1.6 billion acquisition of Sprng Energy,a solar and wind platform in India.It added 2.3 GW to ourrenewable generation capacity and 7.5 GW to our pipeline of future projects.We have integrated Savion,a solar and energy storage companyin the USA,into our business after acquiring it in 2021.We also won bids with our partners to build two offshore wind farms in the UK,one in the USA and one in the Netherlands.These will have thepotential to generate around 7.3 GW(Shell share 3.7 GW).The UK joint venture will develop two of the worlds first floating wind farms off theeast coast of Scotland,which are expected to be operational in the early 2030s.In 2022,we also made strong progress in rolling out our electric vehicle(EV)charging network to 28 countries,making it easier for motoristsaround the world to reduce their emissions.We increased the number of EV charge points we own or operate by 62%to around 139,000 in2022,up from around 86,000 the previous year.In November 2022,we completed our acquisition of German company SBRS GmbH,whichprovides electric charging services for buses,trucks and vans.It will allow us to offer more charging services to business customers who need todecarbonise their fleets and improve their depot charging capabilities.Renewable power generation and the marketing and trading of power sit within our Renewables and Energy Solutions business segment.Mobility,including electric vehicle charging services,sits within Marketing.Read more about our power business at our customers reduce their emissionsWe are helping software company SAP move to an emissions-free global car fleet by 2030 in support of its net-zero targets.Through ourAccelerate to Zero programme,Shell is providing on-the-go and home charging for electric vehicles,as well as other fleet solutions,forSAP employees in several countries.At SAPs headquarters in Walldorf,Germany,we are working to build solar generation capacity tohelp the company decarbonise and become more self-reliant in its energy use.In 2022,we also helped wine producer Treasury Wine Estates get closer to achieving its net-zero target and become a renewable energyproducer by installing 9,500 solar panels on rooftops and on the ground at two of its Australian sites.These solar panels are expected togenerate more than 5,500 megawatt-hours of electricity a year.Shell Energy is working with Treasury Wine Estates,which has 13,000hectares of vineyards around the world,to provide renewable energy across the companys operations.A further 9,000 solar panels arebeing installed at its California vineyards.Read more about how we help our customers decarbonise and meet their net-zero commitments on our website: focusIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 17Shell Energy Transition Progress Report 2022HydrogenHydrogen supply and sectorsSupplyRenewables ElectrolysersCustomer sectorsMarineAviationCommercialroad transportMobilityHeavyindustryLight industry/commercialEnergysolutionHydrogenHydrogen can play a crucial role in helping the world reach net-zero emissions.It is particularly suitable for use in hard-to-electrify sectors likeheavy-duty transport,heavy industry,shipping and aviation because of its high energy density.We are increasing our investment in theproduction and supply of hydrogen.In July 2022,we took the final investment decision to build Holland Hydrogen 1 in the Netherlands,which will be Europes largest renewablehydrogen plant once operational.The 200 MW electrolyser will produce up to 80 tonnes of renewable hydrogen a day,enough to meet up to10%of the annual hydrogen demand from Shell Energy and Chemicals Park Rotterdam.Holland Hydrogen 1 could also meet future demand forrenewable hydrogen from the transport and industrial sectors.This adds to our 20 MW hydrogen electrolyser project in Zhangjiakou,China,which was completed in time to supply renewable-basedhydrogen to the 2022 Winter Olympics in February.By the end of 2022,our total electrolyser capacity was 30 MW.This is about 6%of theglobal capacity of installed electrolysers in 2021,according to the International Energy Agency(IEA).Hydrogen is not yet widely used by motorists or commercial road transport customers.We have more than 50 hydrogen retail sites in Europeand North America,where drivers can fill up their vehicles with hydrogen fuel.To encourage some commercial road transport customers to gainexperience with hydrogen,we ordered 25 hydrogen trucks in Germany.The trucks will be rented out in a pay-per-use system,allowing us tobetter understand what it will take to increase the uptake of hydrogen by commercial drivers.Hydrogen sits within our Renewables and Energy Solutions business segment.Read more about our hydrogen business at new technologies behind the energy transitionWe continue to invest in the research and development of new technologies that will help to decarbonise our operations and reduceemissions for our customers.In 2022,research and development expenditure on projects that contributed to decarbonisation was around$440 million,representing about 41%of our total research and development spend.We launched our Energy Transition Campus Amsterdam,creating opportunities for others to join us in finding solutions to the worldsenergy challenges.One such project is a collaboration between Shell and Dow,an American chemicals company,to electrify steamcracking furnaces with renewable energy.Steam cracking is one of the most carbon-intensive processes in petrochemical production.E-cracking furnaces operated using renewable electricity have the potential to reduce Scope 1 emissions from steam cracking by up to 90%.Shell invests in start-ups that develop new technologies and business models which have the potential to accelerate the energy transition.Globally,Shell Ventures is one of the most active venture capital investors in climate technology and mobility.In 2022,Shell Venturesinvested in more than 20 start-ups,including Statiq,a company that is building a charging network for electric vehicles in India;the Dutchcompany enie.nl,which installs solar panels on roofs in the Netherlands and Africa;and Li-Industries,an American company that hasdeveloped a unique technology to recycle lithium batteries.Read more about the role technology plays at and focusIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 18Shell Energy Transition Progress Report 2022BiofuelsBiofuels supply and sectorsMarineAviationCommercialroad transportMobilityCropsOrganicwasteProcessingSupplyCustomer sectorsIndustrialwasteEnergysolutionBiofuelsBiofuels such as renewable natural gas(RNG),sustainable aviation fuel(SAF),biodiesel and bioethanol can help customers reduce theiremissions without having to change their aeroplanes,cars,trucks,or ships.Shell is already one of the worlds largest traders and blenders of biofuels.In 2022,around 9.5 billion litres of biofuels,which is around 6%ofthe global biofuels consumption,went into Shells fuels worldwide.This is up from 9.1 billion litres in 2021 and includes sales made by Razen,ournon-operated joint venture in Brazil(Shell interest 44%).We continued to grow our biofuels business in 2022 through projects and acquisitions.We acquired Nature Energy for around$2 billion,ourbiggest acquisition in the energy transition to date.Nature Energy is the largest producer of renewable natural gas in Europe,with 14 biogasplants.The company also has around 30 new plant projects in the pipeline in Europe and the USA.This acquisition complements our growingRNG business in the USA.Our Brazilian joint venture Razen is one of the worlds largest biofuels producers.In November 2022,Shell announced an agreement withRazen to buy 3.25 billion litres of ethanol made from sugar-cane waste.Razens second-generation ethanol technology can produce about50%more ethanol from the same amount of land.The low-carbon fuel is expected to be produced by five plants that Razen will build in Brazil,bringing its total portfolio of ethanol facilities to nine.Earlier in the year,we began construction of a bio-LNG plant at the Energy and Chemicals Park Rheinland in Germany to make liquefied naturalgas from biological waste.Once operational,the plant will produce 100,000 tonnes of bio-LNG each year.In the Netherlands,Shell becamethe first fuel retailer to offer bio-LNG blended with regular LNG to all its customers.Trucks using this blend emit around 30%less CO2.In the aviation sector,we became the first company to supply SAF to customers in Singapore in February 2022.By the end of the year we weresupplying SAF to airlines at seven airports around the world.We also acquired Malaysian waste oil recycling firm EcoOils,securing long-termaccess to advanced biofuels feedstock that will enable the production and supply of low-carbon fuels like SAF to customers.Biofuels is part of our Marketing business segment.Read more about our biofuels business on: performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 19Shell Energy Transition Progress Report 2022Conventional fuelsConventional oil and gas supply and sectorsOilSupplyNatural gasCustomer sectorsMarineHeavyindustryAviationCommercialroad transportMobilityLight industry/commercialEnergysolutionFuelsLiquefied natural gasOil and gas currently meet more than half of the worlds energy needs,according to the International Energy Agency(IEA).The volatility causedby Russias war in Ukraine has highlighted the need for a global supply of secure and affordable energy.We continue to supply the conventionalfuels needed to help meet this demand,including natural gas and traditional fuels(such as fuel oil,gasoline,diesel and jet fuel),while loweringemissions from our own operations.Natural gasIn 2022,as one of the worlds largest suppliers of liquefied natural gas(LNG),we shipped natural gas to where it was needed most.Wedelivered 194 cargoes of LNG to Europe almost five times our usual average.In total,we sold 66 million tonnes of LNG in 2022 comparedwith 64.2 million tonnes in 2021.LNG plays an important role in enabling countries to replace coal-fired power generation with a lower-carbon alternative.For example,combined-cycle gas turbines emit about 50%less CO2per unit of electricity generated than an average coal-fired power plant,according to theIEA.LNG also helps to decarbonise shipping operations and commercial road transport.In 2022,we completed more than 250 ship-to-shipLNG bunkering operations.We provide LNG to ships at 15 ports in 10 countries.We also expanded our LNG refuelling network to more than60 operated sites,bringing the number of sites where Shell customers can access LNG in Europe to more than 160.Shell was selected as a partner in two projects in Qatar:the expansion of the North Field East,which is the largest LNG project in the world,and the North Field South project A.By using carbon capture and storage,these landmark projects will help provide LNG with a lower carbonfootprint to our customers.Shells share of these two projects will be around 3.5 million tonnes per annum(mtpa)of LNG when production startslater in the decade.In 2022,we also took final investment decisions to develop offshore gas projects in Malaysia,the UK and Australia.One of them,the Rosmari-Marjoram project,situated 220 kilometres off the coast of Malaysia,will mainly be powered by renewable energy.Traditional fuelsFrom exploration to refining and distribution,traditional fuels continue to play a key role in the energy system.We estimate that our oilproduction peaked in 2019.In 2022,our crude oil and natural gas liquids production available for sale was 13%lower than in the previous year.This larger than usual decline was mainly driven by portfolio changes,including the sale of our Permian business in late 2021 and thederecognition of volumes related to Sakhalin in Russia.In 2022,we continued the transformation of our integrated refineries into Energy and Chemicals Parks.This involves developing new facilitiesand converting or dismantling existing units.We plan to process less crude oil and use more renewable and recycled feedstocks such ashydrogen,biofuels and plastic waste.In the USA,we completed the sale of our Mobile refinery in Alabama and of our interest in the Deer Parkrefinery in Texas.We have implemented a variety of measures to reduce the energy use and increase the energy efficiency of our operations,with estimated totalsavings of around 1,155 million kilowatt hours(kWh).Please refer to the Our journey to net zero section in our Annual Report and Accounts2022 for examples of the measures we took in 2022.Our conventional fuels activities are part of our Upstream,Marketing,Integrated Gas and Chemicals and Products business segments.A Shell participation in the North Field South project remains subject to clearance of remaining customary conditions precedent.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 20Shell Energy Transition Progress Report 2022Carbon capture and storage(CCS)Shell continues to work with governments,customers and partners to unlock the potential for CCS to reduce emissions where there arecurrently few viable low-carbon alternatives.In 2022,Shells spending on CCS opportunities(operating expenses and cash capital expenditure)amounted to around$220 million,anincrease of 51%from the$146 million invested in 2021.Shells equity share of captured and stored CO2was around 0.4 million tonnes in2022,in line with the 2021 amount.In Norway,our Northern Lights CCS joint venture(Shell interest 33%)signed a letter of intent on cross-border CO2transport and storagein August.Under this agreement,some 800,000 tonnes of CO2will be captured,compressed and liquefied at a Yara ammonia andfertiliser plant in the Netherlands from early 2025.The CO2will then be transported to Norway for permanent storage 2,600 metresbelow the seabed in the North Sea.In November 2022,construction started on the first two ships that will be used to transport CO2tothe Northern Lights facilities.We are making progress in other CCS projects in our portfolio.In Canada,for example,the Alberta government selected the AtlasSequestration Hub(with Shell as 50%partner)to move to the next stage for further evaluation in April 2022.CCS is part of our Renewables and Energy Solutions business segment.Read more about CCS on our website:https:/ focusCarbon credits,including nature-based solutions(NBS)Carbon credits may be used by Shell and our customers to compensate emissions in line with the mitigation hierarchy of avoid,reduce andcompensate.We are clear that carbon credits need to have a robust carbon benefit but also deliver a positive impact on ecosystems andcommunities.We work closely with local partners to ensure that the carbon credits projects we invest in are of a high quality.In 2022,we invested$69 million in nature-based projects and$23 million in technology-based projects,such as fuel-efficient cookstoves.The nature-based projects include reforestation and the prevention of landscape degradation and destruction.The spend on nature-basedprojects includes a$40 million investment in Brazilian carbon credit developer Carbonext.This companys portfolio protects more than 2million hectares of the Amazon rainforest.We offer carbon credits to drivers and business customers who wish to compensate for the life-cycle CO2-equivalent emissions of the Shellproduct they buy.In 2022,this offer was extended to motorists at more than 4,000 service stations in Austria,Canada,Denmark,Germany,Hungary,the Netherlands,Switzerland and the UK.We delivered 11 carbon-compensated liquefied natural gas(LNG)cargoes to our customers across the globe,and for the first time,aGHG-neutral LNG cargo in line with the GIIGNL Framework A.We also launched our Avgas carbon-compensated offer for aviationcustomers in selected markets in Europe and in Singapore,through our airport network.In 2022,we retired 5.8 million carbon credits,including 4.1 million credits included in our net carbon intensity,and 1.7 million carboncredits associated mainly with the sale of non-energy products and with Shells business travel.One carbon credit represents theavoidance or removal of 1 tonne of CO2.We carefully source and screen the credits we purchase and retire from the market,and workwith multiple certification standards and ratings agencies to check that our requirements are met.Carbon credits,including nature-based solutions,are part of our Renewables and Energy Solutions business segment.Read more about how we ensure high-quality carbon credits on our website: focusA This framework,published by the International Group of Liquefied Natural Gas Importers,provides a common source of best practice principles in the monitoring,reporting,reduction,offsetting and verification,of GHG emissions associated with a delivered cargo of LNG.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 21Shell Energy Transition Progress Report 2022Energy transitionin actionA selection of 2022 developments AA These developments include acquisitions,investments,projects and divestments/withdrawals,at various stages of maturity and with different levels of Shell interest,from minority investment to full ownership.KeyChemicalsBiofuelsHydrogenLiquefiednatural gasDivestmentsAmericasBrazilCarbonextRazenCanadaChemicals Park ScotfordTrinidadandTobagoColibriUSANY BightShell Polymers MonacaAera EnergyDeer Park RefineryMobile RefineryShell EnergySavion integration(acquired Dec.2021)DenmarkNature EnergyItalysolar-konzept ItaliaGermanySBRS GmbHNetherlandsHollandse Kust westHolland Hydrogen 1Shell Energy RetailNorwayNorthern LightsSpainGreen Tie CapitalWebatt EnergiaUnitedKingdomScotWindFour solar projectsEuropeNigeriaDaystar PowerAfricaMiddle EastQatarNorth Field East&SouthAsia-PacificAustraliaPowershopWestWindKondininChinaElectrolyserIndiaSprng EnergyMalaysiaBaram DeltaRosmari-MarjoramPhilippinesMalampayaRussiaSakhalin-2(intention to withdraw)SalymSingaporeEcoOilsAmericasAfricaMiddle EastAsia-PacificEuropeElectricityCarbon credits(includingnature-based solutions)Carbon captureand storageIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 22Shell Energy Transition Progress Report 2022FinancialframeworkRead about our investments through theenergy transition and our targetedreturns.24Investments and returns25Investing in net zeroIntroductionOur performanceDecarbonising ourportfolioFinancialframeworkPolicies andgovernanceLitigation andactivism 23Shell Energy Transition Progress Report 2022Investments and returnsSince the first quarter of 2022,we have reported separately on the performance of our five business segments A:For all these businesses,our target returns consider the risks and uncertainties associated with our investments,and the scale of spending that isrequired to develop opportunities.For example,in our Upstream business,they reflect the costs of exploration,feasibility studies andconstruction,as well as risks linked to commodity prices.In 2022,our cash capital expenditure C was around$25 billion and our operating expenses were around$39 billion.The table below showshow much we spent and the cash flow from operations in 2021 and 2022 across our businesses.2022 deliveryNet debt end 2022$45 billionCash capital expenditureAOperating expensesACash flow from operations(CFFO)$billion2022202222021Marketing20! %2.45.0Renewables and Energy Solutions14%9%7%(6.4)B0.5Integrated Gas17.713.2Chemicals and Products16(.93.7Upstream332)2).621.6A Excluding Corporate segment.Operating expenses include exploration expenses.B Negative CFFO primarily driven by net cash outflows related to derivatives and working capital outflow partly offset by Adjusted EBITDA.Our Marketing business has targeted returns of 15-25%.It comprises Mobility,Lubricants,and Sectors and Decarbonisation.Mobilityoperates Shells retail network,including electric vehicle charging services.Lubricants produces,markets and sells lubricants for road transport,and machinery used in manufacturing,mining,power generation,agriculture and construction.Sectors and Decarbonisation sells fuels,speciality products and services,including energy solutions that help customers reduce emissions in the aviation,marine,commercial roadtransport and agricultural sectors,among others.Our Renewables and Energy Solutions business has targeted returns of more than 10%B.It includes renewable power generation,themarketing and trading of power and pipeline gas,as well as carbon credits,and digitally enabled customer solutions.Renewables and EnergySolutions also includes the production and marketing of hydrogen,development of commercial carbon capture and storage hubs,investmentin nature-based projects that avoid or reduce carbon emissions(Nature-based solutions),and Shell Ventures,which invests in companies thatwork to accelerate the energy and mobility transformation.Our Integrated Gas business has targeted returns of 14-18%.It includes liquefied natural gas(LNG),conversion of natural gas into gas-to-liquids(GTL)fuels and other products.It includes natural gas and liquids exploration and extraction,and the operation of the upstream andmidstream infrastructure necessary to deliver these to market.Integrated Gas also includes the marketing,trading and optimisation of LNG,including LNG as a fuel for heavy-duty vehicles.Our Chemicals and Products business has targeted returns of 10-15%.It includes chemicals manufacturing plants with their own marketingnetwork,and refineries which turn crude oil and other feedstocks into a range of oil products.These are moved and marketed around theworld for domestic,industrial and transport use.The business also includes pipelines,trading of crude oil,oil products and petrochemicals,andoil sands activities,which involves the extraction of bitumen from mined oil sands and its conversion into synthetic oil.Our Upstream business has targeted returns of 20-25%.It explores for and extracts crude oil,natural gas and natural gas liquids.It alsomarkets and transports oil and gas,and operates the infrastructure necessary to deliver them to the market.Shells Upstream business deliversreliable energy from conventional oil and gas operations,as well as deep-water exploration and production activities.We are focusing ourUpstream portfolio to become more resilient,prioritising value over volume to provide the energy the world needs today whilst funding theenergy system of tomorrow.A On January 31,2023,we announced that our Integrated Gas and Upstream businesses will be combined to form a new Integrated Gas and Upstream Directorate.The Downstreambusiness will be combined with Renewables and Energy Solutions to form a new Downstream and Renewables Directorate.These changes are expected to take effect on July 1,2023 and willnot affect Shells financial reporting segments in 2023.Please refer to the“Our organisation”section in the Annual Report and Accounts 2022.B The IRR target for Renewables and Energy Solutions covers Integrated Power only.The target of more than 10%relates to the integrated value chain returns over time and includes equityreturns from minority investments.C Please refer to the Annual Report and Accounts 2022 for the definitions of cash capital expenditure and operating expenses.IntroductionOur performanceDecarbonising ourportfolioFinancialframeworkPolicies andgovernanceLitigation andactivism 24Shell Energy Transition Progress Report 2022Investing in net zeroIn 2022,we invested$8.2 billion in low-carbon energy and non-energy products,around a third of our total cash capital expenditure A of$25billion.Of that,we invested$4.3 billion in low-carbon energy solutions,an increase of 89%compared with the previous year.This includescapital spending on biofuels,hydrogen and charging for electric vehicles,as well as wind and solar power B.The remaining$3.9 billion wasinvested in non-energy products such as chemicals,lubricants and convenience retail,which do not produce emissions when they are used by ourcustomers.Our investment in non-energy products decreased by 9%compared with 2021.These investments advance a central part of our strategy which is to sell more products with low-carbon emissions to help both Shell and ourcustomers meet their climate targets.Two-thirds of our capital spending in 2022 was on maintaining supplies of the vital energy the world needs today.We invested$4.2 billion inliquefied natural gas(LNG)as well as gas and power marketing and trading,an increase of 17%compared with the previous year.We expectLNG will remain an important part of the energy mix for many years to come because of its role in reducing emissions from power generationand transport.We also increased our investments in oil production and oil products by 30%to$12.5 billion.This includes investments of$8.1 billion in ourUpstream business,helping maintain our assets and make up for the natural decline in oil and gas production.It also includes investments inrefining and trading,as well as fuels marketing,which are important to maintain supplies of fuels for motorists,commercial road transport,aviation and industry.Investing through the energy transitionTotal cash capital expenditure of$25 billion in 2022A Products for which usage does not cause Scope 3,Category 11 emissions:Lubricants,Chemicals,Convenience Retailing,Agriculture&Forestry,Construction&Road.B E-Mobility and Electric Vehicle Charging Services,Low-Carbon Fuels(Biofuels/HEFA),Renewable Power Generation(Solar/Wind),Environmental Solutions,Hydrogen,CCUS.We define low-carbon energy products as those that have anaverage carbon intensity that is lower than conventional hydrocarbon products,assessed on a lifecycle basis(includingemissions from production,processing,distribution and end use).C LNG Production&Trading,Gas&Power Trading,and Energy Marketing.D Upstream segment,GTL,Refining&Trading,Marketing fuel and hydrocarbon sales,Shell Ventures,Corporate segment.Read more about our outlook for 2023 and beyond in the Annual Report and Accounts 2022Non-energy products A$3.9 billionLow-carbon energy solutions B$4.3 billionLNG,gas and power marketing andtrading C$4.2 billionOil,oil products and other D$12.5 billionA Please refer to the Non-GAAP measures reconciliations section of the Annual Report and Accounts 2022 for the definition of cash capital expenditure.B The$4.3 billion investment does not include the acquisition of Nature Energy for around$2 billion,which closed at the beginning of 2023.IntroductionOur performanceDecarbonising ourportfolioFinancialframeworkPolicies andgovernanceLitigation andactivism 25Shell Energy Transition Progress Report 2022Policies andgovernanceRead about our climate-relatedgovernance and policy engagement,and our disclosures linked to climatestandards and benchmarks.27Climate policy engagement27Climate governance28A just transition28Climate standards and benchmarksIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 26Shell Energy Transition Progress Report 2022Climate policy engagementNational and international climate and energy transition policies play an increasingly important role in steering and enabling the energytransition.Shell engages with governments,regulators and policymakers in different ways to help shape policy,legislation and regulation.We advocate directly to governments and policy makers,offering relevant information,views,and policy recommendations on new proposals.For example,Shell supports the European Unions Fit for 55 package,which aims to enable the EUs transition to climate neutrality by 2050.Aspart of our engagements with the EU institutions in 2022,we called for binding targets in the Renewable Energy Directive to accelerate the useof renewable hydrogen in hard-to-abate sectors such as industry and transport by 2030.We engage governments and policymakers indirectly,for example through our participation in coalitions and industry associations.Werecognise that industry associations may represent many members and sometimes we may have different views on a topic.We join coalitionswhere there is likely to be a common advocacy objective.In the USA,for example,Shell supported the US Inflation Reduction Act,which was signed into law in 2022.We advocated different cleanenergy provisions,such as expanded tax credits for carbon capture utilisation and storage,and the creation of a tax credit for hydrogenproduction.We engaged with Members of Congress and the Biden Administration directly,as well as through advocacy coalitions,including theCEO Climate Dialogue,the Clean Hydrogen Future Coalition and the Carbon Capture Coalition.In India,we continued to engage with the government,industry partners,think tanks and academic institutions to collectively find ways topromote low-carbon energy choices.In 2022,we launched a carbon capture utilisation and storage industry coalition with our partners.It aimsto encourage the creation of government policies to support the development of carbon capture and storage projects in India.We also aim to help shape the wider debate around the energy transition in other ways,including through speeches and articles.Ahead of ameeting of the EU Parliament in June 2022,for example,Shell published an opinion piece on the European news website Euractiv.We supportedthe proposal to ban the sale of new petrol and diesel cars and vans in the European Union from 2035,which was agreed a few months later.We aim to be at the forefront of the drive for greater transparency around climate and energy-transition-related policy engagement.We set outour approach,policy and advocacy positions,and information about our industry association memberships,on our website.In March 2023,weplan to publish our first Climate and Energy Transition Lobbying Report.This report reviews our lobbying in 2022 and our memberships ofindustry associations.We continue to work to ensure our memberships of industry associations support our climate and energy transition policypositions.Read more at governanceOur climate governance ensures our strategy,processes and incentives are aligned to drive our progress in the energy transition.In 2022,theBoard continued to consider energy transition matters throughout the year when reviewing and guiding the implementation of our PoweringProgress strategy,assessing the risk management policies in place,and challenging and endorsing the business plans and budgets-includingoverseeing major capital expenditures,acquisitions and divestments.To foster the delivery of our strategy,we have further aligned staff remuneration with progress in the energy transition,by making changes to theannual bonus scorecard,which helps determine bonus outcomes for most Shell employees,including Executive Committee members.From 2022,we introduced new metrics to the measure called Shells Journey in the Energy Transition(15%of the annual bonus scorecard).These are:We also introduced a customer excellence measure on the annual bonus scorecard,to emphasise the importance of building ever strongercustomer relationships in the energy transition.Our Long-term incentive plan(LTIP)and Performance share plan(PSP)tie pay for around 16,500employees directly to achieving our strategic ambitions for the energy transition.From 2019 onwards,we have included an energy transitionperformance metric in our LTIP.This element vested for the second time in 2022,at 180%of target,based on performance between 2020 andthe end of 2022,reflecting our progress in transforming Shells business for a lower-carbon future.The weight of this metric will be increased from20%to 25%for the most senior employees for the upcoming LTIP cycle(2023-2025).For further details see“Governance of climate-related risks and opportunities”in our Annual Report and Accounts 2022.Selling lower carbon products we help customers to reduce their emissions by supplying low-carbon products.We measure our success bythe earnings share of our Marketing activities from low-carbon energy products as well as non-energy products and convenience retail.Reducing operational emissions our target is to achieve a 50%reduction by 2030;and this measure is based on reducing our Scope 1 and2 operational emissions.Partnering to decarbonise we seek to collaborate with our customers to help them reduce their emissions.In 2022,we measured success inthis area in terms of our progress in rolling out our electric vehicle charging network.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 27Shell Energy Transition Progress Report 2022A just transitionShell supports the Paris Agreement on climate change,which recognises the importance of a just transition.A just transition means a fairerdistribution of the costs and benefits of the worlds transition to a net-zero emissions energy system.Our aim is to contribute to a just transition by making a positive impact on the communities where we operate,our customers and our workforce.This is part of our strategic goal to power lives.In 2022,we pledged 100 million to help communities in the UK develop skills and find jobs linked to the energy transition.This includesestablishing educational skill centres,part of a wider aim to help 15,000 people find employment by 2030.Shell continues to work with governments and our partners,such as Energy for a Just Transition,facilitated by Business for Social Responsibility(BSR),and Ipiecas Just Transition Taskforce.We are committed to respecting human rights,as set out in the United Nations Universal Declaration of Human Rights and the InternationalLabour Organization Declaration on Fundamental Principles and Rights at Work.We continue to help our own staff learn new skills needed for the energy transition.In 2022,around 4,000 Shell employees up from 1,700 in2021 completed courses on a range of subjects,including hydrogen production,carbon capture and storage,and greenhouse gas and energymanagement.You can read more about our approach at standards and benchmarksClimate standards and benchmarks play a key role in supporting Shells efforts in the energy transition.They promote an ongoing dialoguebetween interested parties and highlight areas of progress against externally established criteria.Task Force on Climate-related Financial Disclosures(TCFD)Shell welcomes the recommendations of the Task Force on Climate-related Financial Disclosures(TCFD).The TCFD is a global initiative to getcompanies across all sectors to assess climate-related risks and opportunities.The TCFD recommends disclosure of qualitative and quantitativeinformation aligned to its four core elements:governance,strategy,risk management,and metrics and targets.Please refer to our Annual Reportand Accounts 2022 for Shells disclosures related to recommendations by the TCFD,in the Our journey to achieving net zero section.Climate Action 100 Net Zero Company BenchmarkSince the publication of Shells Energy Transition Strategy in 2021,Shell has continued to engage with the Climate Action 100 investor group.The table below shows how Shell was assessed in the October 2022 Climate Action 100 Net Zero Company Benchmark.CriteriaAssessment of Shell Plans March 2022Assessment of Shell Plans October 20222022 ProgressNet zero by 2050Meets all criteriaMeets all criteriaNo changeLong-term greenhouse gasreduction targetPartial,meets some criteriaMeets all criteriaImprovedMedium-term greenhouse gasreduction targetPartial,meets some criteriaPartial,meets some criteriaNo changeShort-term greenhouse gasreduction targetPartial,meets some criteriaPartial,meets some criteriaNo changeDecarbonisation strategyPartial,meets some criteriaPartial,meets some criteriaNo changeCapital allocation alignmentDoes not meet any criteriaDoes not meet any criteriaNo changeClimate policy engagementMeets all criteriaMeets all criteriaNo changeClimate governanceMeets all criteriaMeets all criteriaNo changeJust transitionn/an/an/aTCFD disclosurePartial,meets some criteriaMeets all criteriaImprovedIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 28Shell Energy Transition Progress Report 2022The Climate Action 100 (CA100 )benchmark uses assessments by the Transition Pathway Initiative(TPI).In its assessment,TPI highlights that ithas recalculated Shells net carbon intensity according to its own methodology.It also highlights that Shell has set further targets to reduce itsnet carbon intensity,but they were not included in this assessment as it was not possible to make them consistent with TPIs methodology.We are pleased to see that our ratings have improved in two areas in the latest assessment,but we continue to be disappointed with certain keyaspects of the assessment due to differences in the methodologies used.We will continue our engagement with CA100 and TPI with the aim ofensuring that our current targets and disclosures are reflected in their Benchmark and hope we can continue to improve the outcome in theirassessment.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 29Shell Energy Transition Progress Report 2022Litigation andactivismRead about our position on climatelitigation and activism.31Climate litigation and activismIntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 30Shell Energy Transition Progress Report 2022Climate litigation and activismDuring the past decade,environmental activists have increasingly used litigation to hold governments and companies accountable for the effectsof climate change on individuals and communities around the world.Shell is involved in more than 20 such court cases worldwide.In March 2022,we appealed a ruling by the District Court of The Hague in the Netherlands from May 2021,which requires Shell to reduceemissions further and faster than even the most ambitious energy scenarios published for the sectors in which we operate.As we wait for theoutcome of the appeal,we are taking active steps to comply with the ruling.We believe the actions we are taking to deliver our energy transitionstrategy are consistent with the court ruling and its end of 2030 timeline.This includes the investments we are making in low-carbon fuels,renewable power,and hydrogen;in addition to making changes to our upstream and refinery portfolios.In February 2023,environmental law group ClientEarth filed a claim with the High Court in England against Shell plc and the current Board ofDirectors challenging the boards decision-making regarding Shells climate strategy.This is a derivative action brought by shareholders onbehalf of the Company.The High Court must grant permission for ClientEarth to proceed with the claim.Investors representing less than 0.2%ofShells total shareholder base have sent letters supporting the claim.We do not accept ClientEarths allegations.We believe our directors havecomplied with their legal duties and have,at all times,acted in the best interests of the Company.We agree there is an urgent need to change the worlds energy system.We believe it is for governments to determine the right trade-offs forsociety and to put in place the policies that bring about fundamental changes in the way society consumes energy.Litigation does not enablethe global cooperation required to change both supply and demand for energy,as well as the infrastructure supporting the use of energy.Shell is determined to play its part in helping to change the worlds energy system.We believe our climate targets are aligned with the moreambitious goal of the UN Paris Agreement on climate change:to limit the increase in the global average temperature to 1.5oC above pre-industrial levels.Importantly,we have already delivered results:Shell reduced Scope 1 and 2 emissions under our operational control in 2022 by30%compared with 2016.Some shareholders,such as Follow This,have also called on us to set even more ambitious targets to reduce Scope 3 emissions.This is also afocus of some of the climate litigation against us.Shell would,among other things,have to decrease its sales of oil products and gas to reduce its Scope 3 emissions in line with the Follow Thisresolution.Doing so,without changing demand and the way our customers use energy,would effectively mean handing over customers tocompetitors.This would materially affect Shells financial strength and limits its ability to generate value for shareholders.It would also reduceour ability to play an important role in the energy transition by working with customers to reduce their emissions.We are making progress in implementing our energy transition strategy,which we believe is the best for society,our customers and ourshareholders.Read more about why Shell has appealed the District Court ruling(in Dutch and English)www.shell.nl/media/nieuwsberichten/2022/waarom-shell-in-hoger-beroep-gaat.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 31Shell Energy Transition Progress Report 2022Cautionary noteThe companies in which Shell plc directly and indirectly owns investments are separate legal entities.In this Report“Shell”,“Shell Group”and“Group”are sometimes used for conveniencewhere 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 whowork 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 inthis Report refer to entities over which Shell plc either directly or indirectly has control.Entities and unincorporated arrangements over which Shell has joint control are generally referred to as“joint ventures”and“joint operations”,respectively.“Joint ventures”and“joint operations”are collectively referred to as“joint arrangements”.Entities over which Shell has significant influencebut neither control nor joint control are referred to as“associates”.The term“Shell interest”is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in anentity or unincorporated joint arrangement,after exclusion of all third-party interest.Forward-looking statementsThis Report 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 andbusinesses 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 futureexpectations that are based on managements current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,performance orevents 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 tomarket risks and statements expressing managements expectations,beliefs,estimates,forecasts,projections and assumptions.These forward-looking statements are identified by their use ofterms and phrases such as“aim”,“ambition”,“anticipate”,“believe”,“could”,“estimate”,“expect”,“goals”,“intend”,“may”,“milestones”,“objectives”,“outlook”,“plan”,“probably”,“project”,“risks”,“schedule”,“seek”,“should”,“target”,“will”and similar terms and phrases.There are a number of factors that could affect the future operations of Shell and could cause thoseresults to differ materially from those expressed in the forward-looking statements included in this Report,including(without limitation):(a)price fluctuations in crude oil and natural gas;(b)changes in demand for Shells products;(c)currency fluctuations;(d)drilling and production results;(e)reserves estimates;(f)loss of market share and industry competition;(g)environmentaland 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 ofdoing business in developing countries and countries subject to international sanctions;(j)legislative,judicial,fiscal and regulatory developments including regulatory measures addressingclimate 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 contractswith 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 theCOVID-19(coronavirus)outbreak;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 Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.Readers should not place undue relianceon forward-looking statements.Additional risk factors that may affect future results are contained in Shell plcs Form 20-F for the year ended December 31,2022(available at and www.sec.gov).These risk factors also expressly qualify all forward-looking statements contained in this Report and should be considered by the reader.Each forward-lookingstatement speaks only as of the date of this Report,March 16,2023.Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-lookingstatement 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-lookingstatements contained in this Report.In the event of any discrepancy or inconsistency between this Report and Shell plcs Form 20-F for the year ended December 31,2022,such discrepancy or inconsistency is unintended,and theinformation included in Shells Form 20-F controls.Shells net carbon intensityAlso,in this Report we may refer to Shells“net carbon intensity”,which include Shells carbon emissions from the production of our energy products,our suppliers carbon emissions in supplyingenergy for that production and our customers carbon emissions associated with their use of the energy products we sell.Shell only controls its own emissions.The use of the term Shells“netcarbon intensity”is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.Shells net-zero emissions targetShells 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 expectto see over the next ten years.Accordingly,they reflect our Scope 1,Scope 2 and Net Carbon Intensity(NCI)targets over the next ten years.However,Shells operating plans cannot reflect our2050 net-zero emissions target and 2035 NCI target,as these targets are currently outside our planning period.In the future,as society moves towards net-zero emissions,we expect Shellsoperating 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 measuresThis Report 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 financialmeasures 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 measureswith 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 offuture 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 plcsconsolidated financial statements.The contents of websites referred to in this Report do not form part of this Report.We may have used certain terms,such as resources,in this Report 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.Additional informationAs used in this Report,“accountable”is intended to mean:required or expected to justify actions or decisions.The accountable person does not necessarily implement the action or decision(implementation is usually carried out by the person who is Responsible)but must organise the implementation and verify that the action has been carried out as required.This includes obtainingrequisite assurance from Shell companies that the framework is operating effectively.“Responsible”is intended to mean:required or expected to implement actions or decisions.Each Shellcompany and Shell-operated venture is responsible for its operational performance and compliance with the Shell General Business Principles,Code of Conduct,Statement on Risk Managementand Risk Manual,and Standards and Manuals.This includes responsibility for the operationalisation and implementation of Shell Group strategies and policies.CO2compensation does notimply that there is no environmental impact from the production and use of the product as associated emissions remain in the atmosphere.CO2compensation is not a substitute for switching tolower emission energy solutions or reducing the use of fossil fuels.Shell businesses focus first on emissions that can be avoided or reduced and only then,compensate the remaining emissions.“carbon neutral”or CO2compensated indicates that Shell will engage in a transaction where an amount of CO2equivalent to the value of the remaining CO2e emissions associated with theraw material extraction,transport,production,distribution and usage/end-of-life(if Lubricants or other non-energy product)of the product are compensated through the purchase andretirement of carbon credits generated from CO2compensation projects.Although these carbon credits have been generated in accordance with international carbon standards,thecompensation may not be exact.CO2e(CO2equivalent)refers to CO2,CH4,N2O.IntroductionOur performanceDecarbonising ourportfolioFinancial frameworkPolicies andgovernanceLitigation andactivism 32Shell Energy Transition Progress Report 2022Read the entire reporting suite at Report and AccountsThe Annual Report provides a comprehensive account of Shells operational and financial activities forthe year to December 31.It outlines Shells business strategy,summarises financial results,and explains how the component parts ofShell plc and its subsidiaries operate.It also outlines the social andenvironmental challenges we face,including our approach to tackling climate change,and provides detail on the steps we are taking to provide the energy the world needs,now and in the future.It gives details of how our Chief Executive Officer and Chief Financial Officer are paid,and serves as Shells Annual Report and Accounts in accordance with UK law.More at: ReportThe Sustainability Report details Shellssocial,safety and environmental performance for the year to December 31.It outlines the key sustainability challenges Shell faces and the many ways the company is responding.To help inform our decisions about the reports content,we consider the views of various groups including non-governmental organisations,customers and investors,to understand concerns about Shells impact.The report provides a detailed account of Shells performance,taking into account the concerns raised.It also explains how Shell supports global efforts to tackle climate change,and the role we are playing in the energy transition to a lower-carbon world.It includes an introduction from Shells Chief Executive Officer and an evaluation of the reports content by a review panel of independent experts.The Sustainability Report is an online-only publication.More at: Contribution Report The Tax Contribution Report is our main source of external messaging regarding tax on an annual basis.Each year we also publish our Payments to Governments Report,Annual Report,Sustainability Report and Energy Transition Progress Report which all contain references and details regarding our tax position.More at: to Governments ReportOur operations generate revenue through taxes and royalties for governments around the world.These taxes and royalties are often used by governments to fund essential public services like education,transport and health care.Since 2016 Shell has made mandatory disclosures under the UKs Reports on Payments to Governments Regulations 2014(amended December 2015).We have published the revenues that our operations generate through taxes and royalties on a voluntary basissince 2012.We believe that being open about our tax payments helps people to understand how much wepay and why.More at: Shell Energy Transition Progress Report describes our progress as we transform into a net-zero emissions energy business.It shows how we have performed against our climate targets in the short term,and how we are working to achieve our medium-and long-term targets.Shell annual publicationsShell Energy Transition Progress Report 2022Check our latest news Follow Shell on Twitter our reports are available online atS Comprehensive financial information on our activities throughout 2022 Detailed information on Shells taxes Report on our progress in contributing to sustainable development Update on our climate and energy transition lobbyingShell

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