Shell Aims to Sell Majority Stake in Carbon Offsets Business (1)

Shell Plc is looking to sell part of its portfolio of nature-based carbon projects amid a market contraction for emissions offsets.

The plan continues the oil major’s shift as Chief Executive Officer Wael Sawan focuses on driving returns for the business. The company has retreated from operations where it doesn’t see a strategic advantage, such as offshore wind development, despite pledges in recent years to deliver significant growth in these low-carbon areas.

Shell first launched the portfolio of offsets, which covers dozens of projects, in 2018. Three years later, it set a target to generate 120 million carbon credits ...