Feb. 11 (UPI) -- Royal Dutch Shell said Thursday it plans to achieve net-zero carbon emissions by 2050 and explained that its production of fossil fuels have peaked.
Shell said in an announcement that its carbon emissions peaked in 2018 and total oil production topped out in 2019.
The proposed plan aims to reduce emissions by 8% by 2023, compared to 2016 levels. Shell said it will then decrease emissions by 20% by the end of the decade, by 45% in 2035 and 100% by 2050.
A previous plan had targeted a 65% emissions cut by 2050.
"Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society," Shell CEO Ben van Beurden said in a statement.
The company said it additionally plans to close seven refineries and consolidate production in six "chemicals and energy parks" that will cut fossil fuel production by 55% by the end of the 2020s.
The plan also includes investing in Canadian and European carbon capturing facilities, transitioning to hydrogen and liquid natural gas and investing in renewable energies.
"We must give our customers the products and services they want and need -- products that have the lowest environmental impact," van Beurden added.
The Biden administration's climate plan has encouraged net-zero emissions for fossil fuel producers by mid-century.