According to Bloomberg sources, Shell is planning to lower its green energy targets. The updated long-term strategy will entail increased investment in oil and gas sectors to enhance shareholder returns. The company might unveil this new climate strategy as early as this Thursday. Under the previous CEO, Ben van Beurden, Shell's 2020 strategy aimed for zero net profit to prioritize investments in green energy and achieve net zero emissions by 2050. Since Wael Sawan assumed the role of CEO, Shell has shifted focus towards delivering returns to investors. This shift has resulted in increased payouts to shareholders, job cuts, and a larger portion of investments directed towards  hydrocarbon production. Similar to Shell, BP Plc of Britain revised its climate plans last year, intending to produce more oil and gas and emit more CO2 than previously planned. The announcement of BP's new plans led to an 8% rise in the company's shares.

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