Shell renames climate change technology company Studio

Listen to article 5 minutes This audio is automatically generated. Please let us know if you have any feedback. Dive Brief: ESG Shell on Thursday launched a climate technology platform called Onward, focused on delivering clean energy solutions and services that accelerate the transition to net zero, according to an email sent to ESG Dive. The oil giant's new venture has a number of dimensions, including an accelerator to support pre-seed and seed-stage startups in the climate technology and energy industries. An innovation lab that leverages the research and expertise of scientists, entrepreneurs, and engineers to create sustainable products. and a digital platform for crowdsourcing solutions to energy problems through a community of artificial intelligence developers to researchers. Onward is a rebrand of Studio X, the venture Shell founded in 2020 to help shape the future of energy and supported energy innovators with funding and resources. His five-member advisory board for the updated platform is comprised of experts ranging from academics and strategic advisors focused on sustainable investing to Nike's chief sustainability officer. I am. Dive Insight:

Onward said its main goal is to accelerate the overall pace of innovation in energy and climate technology and bring about lasting changes in energy production and consumption.

The company, which provides sustainable solutions, said all customers using its digital platform will have access to the latest research, learning materials and projects on the energy transition. Onward said it also aims to bring energy resiliency ideas and products from the discovery stage to market faster through an innovation lab designed to drive Moonshot Energy projects. The accelerator invests in and supports startups in exchange for a small amount of equity. According to Onwards' website, the company has begun accepting applications for his class of 2024 in the accelerator program.

Onward builds on the work of Studio X. According to the company, the first climate technology venture created an oil slick identification algorithm that is 3.5 times more efficient than traditional methods and developed in one-eighth of the time it would take an independent client to develop it. . Last year, Studio X launched a third group of early-stage startups focused on developing technologies such as energy storage, hydrogen logistics, and AI systems.

The new identity is inherent in the very mission of moving Onward toward new energy solutions and net zero goals, Onwards CEO Jeff Allyn said in a press release. Allyn also said the new advisory board's expertise will make these energy solutions more accessible, faster and more effective.

The board will work with Onwards' management team, including Allyn, who has been CEO of Studio It also provides guidance to innovators and entrepreneurs who

The new five-member board includes Noel Kinder, Nike's chief sustainability officer; Tina Sharkey, entrepreneur and lecturer at the University of Southern California. Anousheh Ansari, CEO of the XPRIZE Foundation. A non-profit organization that plans and hosts public contests to promote technological development. Eric Drummond, CEO and Founder of Innovation Corridor. Nils Melquist is an analyst and strategic advisor focused on sustainable investing.

The project is in line with Shells' ambition to become a net-zero emissions energy business by 2050. The oil major says it aims to reduce emissions from its operations and the fuel and other energy products it sells to customers, according to its website. . The company also said it would use technology to capture and store remaining emissions or balance them with carbon offsets.

But in 2023, the energy company said it had already achieved the 2021 targets it had set for itself through asset sales and announced it had abandoned plans to cut oil production by 1-2% annually until 2030. That same year, Shell also quietly withdrew plans to spend up to $100 million a year on carbon credits, which had been part of its original strategy to reach net-zero status by 2050.

Shell faced a shareholder lawsuit in 2022 from environmental law firm ClientEarth over concerns that its board had failed to implement a strategy to reduce carbon emissions in line with the Paris Agreement, hurting the oil giant's profits.

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