Category: Renewable Energy

MIL-OSI Banking: Expressing Firm Determination to Solve Global Environmental Problems and Promote Business Transformation Using AI

Source: Panasonic

Headline: Expressing Firm Determination to Solve Global Environmental Problems and Promote Business Transformation Using AI

He introduced the example of Panasonic HX, which efficiently supplies renewable energy by controlling the coordination of pure hydrogen fuel cells, solar cells, and storage batteries using an advanced energy management system while responding to changes in electric power demand and weather conditions. This solution is already in operation at the Kusatsu site in Japan and a manufacturing site in the UK, and it will be deployed in an office building in Munich, Germany, this spring.
Kusumi also spoke about the OASYS residential central air conditioning system to be released in the US market, which air conditions and ventilates an entire house using a combination of a mini split air conditioner, an energy recovery ventilator, and transfer fans using a DC motor-driven ventilation system. He pointed out that it is at least 50% more energy efficient*1 than conventional air-conditioning systems.
＊1: Conventional air-conditioning systems use a heat pump cooling system (14.2 SEER2) and a gas furnace (80% AFUE) for houses that are performance-compliant with IECC 2015. OASYS uses Panasonic’s mini split air conditioners and transfer fans for both cooling and heating functions in houses that are performance-compliant with OASYS-required specifications (estimated by converting gas energy consumption to electricity).
In recent years, electric vehicles (EVs) have taken the spotlight for their contribution to reducing CO2 emissions. Regarding automotive cylindrical lithium-ion batteries that support the widespread use of EVs, Kusumi mentioned that Panasonic has supplied a total of 15 billion cells to power over 3 million EVs. He also introduced the 2170 cell with the world’s highest energy density,*2 the high-capacity 4680 cell, whose mass production will begin soon, and the company’s collaboration with major carmakers. Furthermore, he mentioned the partnership with Redwood Materials Inc. in the US for the purchase of recycled cathode active materials and copper foil. JB Straubel, CEO of Redwood Materials, joined Kusumi and offered words of encouragement, “Panasonic is an incredible leader when it comes to technology and their commitment to sustainability.”
＊2: As of January 8, 2025, survey by Panasonic Energy Co., Ltd.
Upcoming issues will introduce key figures engaged in Panasonic HX, OASYS, and the automotive cylindrical lithium-ion battery business.

MIL OSI Global Banks –

January 27, 2025
MIL-OSI Russia: What color is solar plasma emission?

Translartion. Region: Russians Fedetion –

Source: Novosibirsk State University – Novosibirsk State University –

At the beginning of 2025, we are still at the peak of solar activity, which is beginning to decline. However, still at the peak and throughout 2025, “twists” of magnetic fields are possible at different levels of the Sun, starting from the polar regions to the regions of the Sun’s equator. These twists outside their level in turn generate areas of increased and decreased activity, which results in the emergence of areas of strong instability, and from these areas, as a rule, plasma emissions are “squeezed out”. They, breaking out from the surface of the compressed solar gas ball, fly apart into a huge inflated “fist” of ionized particles, which, reaching the ionospheric cap of the Earth, beats on it, causing in the best case the Northern Lights, and in the worst case – breakdowns of the earth’s infrastructure associated with electricity and magnetism.

“The images from the EIT (Extreme Ultraviolet Imaging Telescope) give scientists their usual weather maps of the Sun. Four different colours represent different wavelengths of ultraviolet light emitted by the Sun – invisible to our eyes but detected in stunning detail by the EIT. Each colour, or wavelength, is produced by hot gas at a different temperature: yellow shows gas at about 2 million degrees Celsius, green at 1.6 million degrees, blue at 1 million degrees and red at 80,000 degrees.” HTTPS: //VVV.Sa. Ent/ Scenes_exclotion/spasy_ Sculpt/liva_viev_Of_THE_SON_FROM_SOOO

This excerpt from the text, accompanying daily photos of the Sun from the SOHO Solar Observatory. Photos for different areas of the spectrum, taken using special filters. It is clear from the text that COLOR = wavelength of radiation = the “fingerprint” of a certain chemical under certain conditions. No more and no less. Plasma containing neutral hydrogen has a color corresponding to a specific transition in the hydrogen atom. Transition from an ionized state to become a neutral hydrogen atom. Neutral hydrogen emits its bright red line = red color, which is designated as the H-alpha line in the spectrum of the hydrogen atom. The photo, which has been often featured in publications lately, was taken using a filter for the red H-alpha line. As a result, the radiation of neutral hydrogen, of which this plasma emission consists, is absorbed by this filter and we do not see this red color, which corresponds to one of the wavelengths of radiation of a neutral hydrogen atom (in total, atomic hydrogen emits 4 wavelengths in the visible range). As a result, we see only the contour of the plasma ejection, visible to us as a dark field inside the contour. Some call this phenomenon a “black” plasma emission, but from the explanation above we conclude that there is no such thing as a “black” plasma, since solar plasma consists mainly of atomic hydrogen, which emits different wavelengths: the visible spectrum is the Balmer series of 4 lines H-alpha, H-betta, H-delta, H-gamma, infrared spectrum – Paschen series; and ultraviolet spectrum – Lyman series.

The H-alpha filter is present in all special telescopes for observing total solar eclipses, Coronado is one of such telescopes. It is the filter that allows us to clearly see what is happening on the Sun.

Author: Alfiya Rashidovna Nesterenko, Head of the Educational Astrophysical Automated Complex, Leading Engineer of the Atomic Physics and Spectroscopy Department of General Physics Physics Department of NSU

Photos taken by the SOHO Solar Observatory and taken from the website Ta europian saved agencies.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 27, 2025
MIL-OSI Global: No, America’s battery plant boom isn’t going bust – construction is on track for the biggest factories, with thousands of jobs planned

Source: The Conversation – USA – By James Morton Turner, Professor of Environmental Studies, Wellesley College

Workers install battery packs in a BMW X5 in South Carolina. A new battery plant under construction nearby will supply BMW factories. BMW

The United States is in the midst of the biggest boom in clean energy manufacturing investments in history, spurred by laws like the bipartisan Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

These laws have leveraged billions of dollars in government support to drive private sector investments in clean energy supply chains across the country.

For several years, one of us, Jay Turner, and his students at Wellesley College have been tracking clean energy investments in the U.S. and sharing the data at The Big Green Machine website. That research shows that companies have announced 225 projects, totaling US$127 billion in investment, and more than 131,000 new jobs since the Inflation Reduction Act became law in 2022.

You may have seen news stories that said these projects are at risk of failure or significant delays. In August 2024, the Financial Times reported that 40% of more than 100 projects it evaluated were delayed. These included battery manufacturing, renewable energy projects and metals and hydrogen projects, as well as semiconductor manufacturing plants. More recently, The Information, which covers the technology industry, warned that 1 in 4 companies were walking away from government-supported grants for battery investments.

Workers assemble battery packs for electric vehicles in Spartanburg, S.C. New battery plants in the state will help move the supply chain closer to U.S. EV factories.
BMW

We checked up on all 23 battery cell factories announced or expanded since the Inflation Reduction Act was signed – almost all of them gigafactories, which are designed to produce over 1 gigawatt-hour of battery cell capacity. These factories have some of the largest employment potential of any project supported by the act.

We wanted to find out if the boom in U.S.-based clean energy manufacturing is about to go bust. What we have learned is mostly reassuring.

The biggest battery factories are on track

While the exact investment totals are challenging to pin down, our research shows that planned capital expenditures add up to $52 billion, which would support 490 gigawatt-hours of battery manufacturing capacity per year – enough to put roughly 5 million new electric vehicles on the road.

While not all 23 companies have announced their hiring plans, these facilities are expected to support nearly 30,000 new jobs, with projects mostly in the U.S. Southeast, Midwest and Southwest.

We wanted to know if these projects are on track or experiencing delays or problems.

To do that, we first reached out to local and state economic development agencies. In many instances, local and state tax incentives are supporting these projects. Where possible, we sought to confirm the project’s status through public data or formal announcements. In other instances, we looked for news stories to see if there is evidence of construction or hiring.

Of the 23 projects, our research shows that 13 appear to be on track, with total planned capital investments in excess of $40 billion and nearly 352 gigawatt-hours per year of capacity. Importantly, these include most of the biggest projects with the largest investments and projected production.

By our count, 77% of the total planned capital investment, 79% of the proposed jobs and 72% of the planned battery production are on track, which means that a project is likely to happen, roughly on time, and generally with their expected level of investment and employment.

Three projects are on the bubble. These have shown progress but experienced delays in construction or financing.

Five others show deeper signs of distress. We don’t yet have enough information to draw a conclusion on two projects.

An example of a project that is on track is Envision AESC’s battery factory in Florence, South Carolina. Its scale has been expanded twice since it was first announced in December 2022. It is now a $3 billion investment intended to manufacture 30 gigawatt-hours of batteries annually to supply BMW’s factory in Woodruff, South Carolina.

In early October 2024, South Carolina Secretary of Commerce Harry Lightsey conducted a tour of the Envision site and posted a video. Construction on the plant started in February 2024, and 850 workers are working six days a week to finish the 1.4 million-square-foot facility by August 2025. Once it goes into full production, the project is expected to employ 2,700 people.

2024 election could end or accelerate the boom

But a lot hinges on what happens in the upcoming elections.

Our data suggests the real risk that these projects and projects like them face isn’t slow demand for electric vehicles, as some people have suggested – in fact, demand continues to climb. Nor is it local opposition, which has slowed only a few projects.

The biggest risk is policy change. Many of these projects are counting on Advanced Manufacturing Tax Credits authorized by the Inflation Reduction Act through 2032.

On the campaign trail, Republicans up and down the ticket are promising to repeal key Biden-led legislation, including the Inflation Reduction Act, which includes grant funding and loans to support clean energy as well as tax incentives to support domestic manufacturing.

While full repeal of the act may be unlikely, an administration hostile to clean energy could divert its unspent funds to other purposes, slow the pace of grants or loans by slow-walking project approvals, or find other ways to make the tax incentives harder to get. While our research has focused on the battery industry, this concern extends to investments in wind and solar power too.

So, is the big boom in U.S.-based clean energy manufacturing about to go bust? Our data is optimistic, but the politics is uncertain.

Joshua Busby receives funding from the U.S. Department of Defense. He is affiliated with the Center for Climate and Security and the Chicago Council on Global Affairs.

James Morton Turner and Nathan Jensen do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. No, America’s battery plant boom isn’t going bust – construction is on track for the biggest factories, with thousands of jobs planned – https://theconversation.com/no-americas-battery-plant-boom-isnt-going-bust-construction-is-on-track-for-the-biggest-factories-with-thousands-of-jobs-planned-242567

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Canada: Oil and gas greenhouse gas pollution cap – Backgrounder to CGI Regulations
Source: Government of Canada News

Backgrounder

The oil and gas sector is experiencing record profits within Canada

November 4, 2024

Context

The proposed oil and gas greenhouse gas (GHG) pollution cap will incentivize the sector to invest in technically achievable decarbonization to attain significant emission reductions by 2030-2032. The policy will put the sector on a pathway to carbon neutrality by 2050, while enabling it to continue to respond to global demand.

Oil and gas companies in Canada have proven repeatedly that they can innovate and develop new technologies to produce more competitive oil and gas with less pollution.

While it continues to be a major supplier to global markets, Canada’s oil and gas sector has the opportunity to reinvest in its own competitiveness ahead of the anticipated future decline in global demand for oil and gas in a low-carbon future. Reinvesting in cleaner oil and gas production ensures that the sector contributes its fair share to GHG reductions in Canada and positions Canada for a stronger future for its workers and economy.

The oil and gas sector is experiencing record profits within Canada. Coming out of the pandemic, operating profits in the oil and gas sector increased tenfold from $6.6 billion in 2019 to $66.6 billion in 2022. Despite that, there has been limited and declining overall investment in the sector in Canada over the last several years.

The proposed Regulations would establish a cap-and-trade system that is designed to recognize producers with better emission performance and motivate higher-polluting facilities to reinvest record profits into more pollution-reducing projects.

The oil and gas sector is a major contributor to Canada’s economy. In 2023, the sector generated $209 billion in gross domestic product (GDP) (PDF) and accounted for 25% of Canada’s exports (valued at $177 billion). It is also a major employer across the country, directly employing 181,800 people in 2023.

The oil and gas sector is also Canada’s largest source of GHG pollution, responsible for 31% of Canada’s GHG emissions in 2022. Decreasing emissions in the oil and gas sector by introducing a cap on GHG pollution is necessary to ensure that the sector contributes its fair share to Canada’s ongoing efforts to tackle climate change and reach our GHG emission reduction targets and international commitments under the Paris Agreement.

Strengthening emission performance and carbon management technologies in Canada’s oil and gas sector

Canada’s oil and gas sector has the potential to be a supplier of choice as the demand for oil and gas for combustion declines in a low-carbon future. This would enable the sector to continue to be a major employer and source of economic activity across Canada, particularly in oil- and gas-producing regions.

The proposed Regulations put a limit on pollution, not production. The proposed Regulations are carefully designed around what is technically achievable within the sector, while enabling continued production growth in response to global demand. In fact, modelling shows that Canadian oil and gas production is projected to increase 16% between 2019 and the 2030-2032 period with the proposed Regulations in place.

Major emissions-reduction opportunities are available, and oil and gas producers are already investing in them. Methane is a particularly potent greenhouse gas, and most methane emissions represent a wasted resource because they are from leaks and other unintended sources. Preventing methane emissions is one of the lowest-cost ways to reduce GHG emissions, and the sector’s efforts have resulted in a steady decline in these emissions. New regulations to be finalized later this fall will ensure that the sector continues to cut methane emissions by at least 75% from 2012 levels by 2030.

Carbon capture is also going to play an increasingly important role in reducing emissions from oil and gas production, and Canada is well placed to cement its position as a global leader in this critical technology. According to both the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), there is no credible path to carbon neutrality without carbon management technologies, such as carbon capture and storage, and their deployment must be rapid and immense, scaling up by nearly 200 times by 2050.

The shift toward a low-carbon economy has created a rush of capital toward carbon management technologies worldwide. In the United States, there are many new carbon capture projects being deployed, with 150 currently under review at the U.S. Environmental Protection Agency.

Canada has already established itself as a first mover and leader in the global carbon management sector, with some of the world’s first large-scale projects; favourable geology; cutting-edge innovators and start-ups; early investments in research, development, and demonstration; deep technical expertise; a robust policy and regulatory environment at the federal and provincial levels; and active international collaboration. The Government of Canada has launched a suite of policies with a mix of financial supports and regulatory measures to better position Canada’s economy for success.

Approximately one-sixth of the world’s active large-scale carbon management projects, which use a range of approaches to capture carbon dioxide from point sources or directly from the atmosphere to be reused or durably stored, can be found in Canada, with a growing number in the construction, design and development phase across multiple sectors and regions.

The continued development and deployment of carbon management technologies to help achieve Canada’s climate objectives will form the basis of a world-leading, multi-billion-dollar carbon management sector in Canada that supports inclusive, high-value employment, significant export opportunities and a more sustainable economy.

Point-source carbon capture is a leading option for deep emissions reductions from the upstream oil and gas sector. Given the long lifespan of many existing heavy industrial facilities and the value of these industries to the Canadian economy, public-private collaboration is critical to advance strategic, economical, and regionally appropriate decarbonization pathways.

The GHG oil and gas pollution cap adds to a suite of policy measures, which are designed to shift the oil and gas industry increasingly toward cleaner production through the use of carbon management systems and other technologies, including to reduce methane emissions and to switch to cleaner fuels. Those include other successful regulatory measures, such as federal, provincial, and territorial carbon pricing systems for industry, including Alberta’s TIER system, the federal Output-Based Pricing System, federal and provincial methane regulations, and the Clean Fuel Regulations.

They also include a wide range of financial supports to support deployment and help develop the innovation ecosystem for carbon reduction technologies in Canada, including:
- $319 million over 7 years for RD&D to advance the commercial viability of emerging carbon management technologies.
- Refundable CCUS Investment Tax Credit (ITC), expected to provide $12.5 billion between 2022-2023 and 2034-2035, for eligible projects that enable permanent CO2 storage.
- The Canada Growth Fund, totalling $15 billion, offers investment tools such as contracts for differences designed to address risk and accelerate private sector investment to grow Canada’s clean economy, including in the carbon management sector.
- Strategic Innovation Fund, with $8 billion in funding to help companies reduce emissions and grow their business sustainably.
- The Canada Infrastructure Bank (CIB) invests in CCUS infrastructure projects, including through its Project Acceleration funding for front-end engineering and design (FEED) capital expenditures.
Increasingly, large-scale carbon capture projects are being built in both the oil and gas sector and other sectors. Recent projects include:
- Strathcona Resources, an oilsands company with assets in Saskatchewan and Alberta and Canada’s fifth-largest oil producer, is launching a $2 billion project to store up to two million tonnes of CO2 per year, while creating hundreds of new jobs. The project has received support from the Canada Growth Fund.
- Entropy, an Alberta-based company, is working on a project that will enable emissions reductions of approximately 2.8 million tonnes over 15 years and support more than 1,200 good jobs for Albertans.
- Shell announced two new projects in Alberta: the Polaris Carbon Capture project and the Atlas Carbon Storage Hub. These projects aim to reduce industrial emissions by transitioning to cleaner technology. The Polaris project will capture approximately 650,000 tonnes of carbon a year while the Atlas project will store the captured carbon from Polaris and potentially other industrial facilities in the future. Once complete in 2028, these projects are expected to generate up to 2,000 jobs for Albertans.
- The North West Redwater (NWR) Sturgeon Refinery, also operating in the Alberta Industrial Heartland, is the world’s first bitumen refinery built with carbon capture.
- The Alberta Carbon Trunk Line (ACTL), which transports captured carbon from facilities for storage in oil fields, will be used by new carbon capture projects throughout the province to transport captured CO2 to final storage sites.
- Linde announced an investment of more than $2 billion to build a clean hydrogen facility that will supply Dow’s Path2Zero production complex in Alberta. The facility will capture more than 2 million tonnes of carbon dioxide emissions per year for sequestration.
Extensive consultation to date on the oil and gas GHG pollution cap

The Government of Canada has engaged a broad range of partners and stakeholders on the oil and gas GHG pollution cap, including provinces and territories, Indigenous partners, industry, environmental groups, and Canadians. The government has held webinars, convened meetings, and published discussion papers to seek input and feedback. Since November 2021, the government has received over 250 written submissions from organizations, held over 100 meetings, and hosted seven public webinars.

The government published a Regulatory Framework to Cap Oil and Gas Sector GHG Emissions in December 2023. This Framework confirmed the government’s intent to implement the oil and gas GHG pollution cap through a new cap-and-trade system, and proposed various regulatory design features, including which subsectors would be covered by the oil and gas GHG pollution cap, the level of the GHG pollution cap, and rules about flexible compliance options.

The proposed Regulations are carefully designed based on what is technically achievable in the sector, setting a limit on pollution, not production. Technically achievable emissions reductions were estimated based on an assessment of the abatement technologies that could feasibly be deployed within the upstream and LNG activities in the oil and gas sector by 2030-2032, considering the status of available technologies, projected levels of production, the availability of equipment and labour, and timelines for permitting and approvals.

Estimates of technically achievable reductions included reductions related to compliance with the strengthened methane regulations, installation of carbon capture and storage technology, and electrification. The risk that not all technically achievable reductions would be implemented in time for the first compliance period was also taken into consideration.

The government has now published proposed Regulations (PDF) to implement the oil and gas GHG pollution cap, and invites input from November 9, 2024, to January 8, 2025. The government will continue to engage with partners and stakeholders in the development of final regulations.

Key components of the proposed national cap-and-trade system for oil and gas greenhouse gas pollution

The proposed Oil and Gas Sector Greenhouse Gas Emissions Cap Regulations (proposed Regulations) would establish a national cap-and-trade system that would apply to upstream oil and gas activities including onshore and offshore oil and gas production; oil sands production and upgrading; natural gas production and processing; and the production of LNG.

The proposed Regulations have been developed under the Canadian Environmental Protection Act, 1999 (CEPA). Since 1988, CEPA has been used to address a wide range of environmental issues, including air pollution, chemicals, plastics and GHG emissions.
- The cap-and-trade system will freely allocate emissions allowances to facilities covered by the system. At the end of each year, each facility will need to remit to the government one allowance for each tonne of carbon pollution it has emitted. Over time, the government will give out fewer allowances, corresponding to the declining emissions cap.
- Operators will face an ongoing incentive to reduce their emissions. If an operator does not have enough allowances to cover their emissions, they will be able to buy allowances from other operators that have invested in pollution reduction. Operators can also contribute to a decarbonization program or use GHG offset credits to cover a small portion of their emissions (up to 10% for the decarbonization program and up to 20% for offsets, for a maximum of 20% for both options). The decarbonization program would fund projects that support the reduction of emissions from the sector. The total of all allowances and the overall 20% limit on compliance flexibility creates a legal upper bound on emissions from the sector.
- The oil and gas GHG pollution cap will limit emissions, not production, and will encourage industry to reinvest into projects that lower pollution while providing flexibility to respond to changes in the global market.
- To make sure the oil and gas GHG pollution cap accounts for current activity levels, the proposed Regulations would use data reported by operators for 2026 to set the first oil and gas GHG pollution cap level. The oil and gas GHG pollution cap for the first compliance period, 2030-2032, would be set at 27% below emissions reported for 2026, which is estimated to be equivalent to 35% below 2019 emissions.
- Using 2026 for reported data means the oil and gas GHG pollution cap would be based on real-world conditions. The final oil and gas GHG pollution cap level would be published before the end of 2027.
- The proposed Regulations allocate allowances to covered operators using specified distribution rates—defined in allowances per unit of production—for each type of covered activity. Allowances will be distributed before the start of each year (starting in 2029 for 2030, the first compliance year). To ensure that allowances are distributed to the level of the emissions cap for each year, the allowances distributed would be pro-rated across all facilities receiving them.
The system would be phased in for the first four years (2026-2029). During that period, operators would be required to register and report their emissions and production. Large emitters will start reporting in 2027 for their 2026 emissions and production levels. Reporting for small operators would start in 2029 for their 2028 levels. Operators would need to submit verified annual reports to Environment and Climate Change Canada for their facilities for every calendar year. Reports would be due on June 1 of the following year. The reports would be used to identify which operators will be subject to the pollution cap and have remittance obligations.

Annual reports would include the GHG emissions attributed to the facility and the production amount by industrial activity. The Quantification Methods for the Oil and Gas Sector Greenhouse Gas Emissions Cap Regulations (the Quantification Methods) would define methods to calculate each source of emissions and would provide certain default values. In addition to the draft regulations, the government is seeking feedback on the Quantification Methods.

All operators would be required to register and report, but only large operators (producing above an annual threshold of 365,000 barrels of oil equivalent) would have to remit allowances to cover their emissions. Large operators account for approximately 99% of the upstream sector’s emissions. The government would distribute emissions allowances to covered operators annually, before the start of each compliance year. Allowances would be pro-rated across all covered operators’ facilities based on historical production volumes. Allowances would not be able to be used for compliance under other carbon pricing systems, such as the federal Output-Based Pricing System (OBPS). There would be no limits to the number of allowances operators covered under the oil and gas GHG pollution cap could hold, and allowances could be traded among operators.

Emissions allowances and offsets could be banked for use in a limited number of future years. Decarbonization units would not be tradable or bankable.

Economic impacts of the proposed Regulations

Environment and Climate Change Canada undertook an economic cost-benefit analysis of the proposed Regulations. Costs and benefits have been evaluated relative to a baseline that assumes production in the oil and gas sector grows, existing federal and provincial GHG measures remain in place, and the sector achieves the 75% reduction in methane emissions relative to 2012 levels, as a result of the forthcoming oil and gas methane regulations.

The proposed pollution cap Regulations are estimated to result in net cumulative GHG emission reductions of 13.4 Mt above the baseline of reductions between 2025 and 2030-2032 that will be achieved by existing measures. That incremental reduction is valued at almost $4 billion in avoided global climate change damages. When compared to the costs, modelling showed that the proposed Regulations are estimated to have net benefits of $428 million for Canada.

Importantly, this multi-million-dollar benefit does not account for a wide range of additional benefits likely to be associated with the proposed Regulations, including:
- the additional economic activity and jobs associated with post-2032 investments in carbon capture, utilization and storage (CCUS) and other major decarbonization activities;
- the stimulation of innovation and new low-carbon industries, such as clean hydrogen;
- the economic and health benefits of reducing air pollution, which will improve the quality of life for many people and reduce the strain on our healthcare systems; and
- the longer-term competitiveness benefits of a decarbonized Canadian oil and gas sector in a world that continues to take action to fight climate change and adhere to existing international and domestic climate commitments.
The oil and gas sector directly and indirectly supports a significant workforce, especially in British Columbia, Alberta, Saskatchewan, and Newfoundland and Labrador. Modelling for the 2019 to 2030-2032 period shows that labour expenditure in the sectors covered by the proposed Regulations is expected to grow by 53%, which is only slightly below the 55 % growth in the baseline scenario.

Additionally, jobs in clean energy will continue to grow. A 2023 Clean Energy Canada report found that Canada will see 700,000 more energy jobs in a carbon-neutral 2050 scenario than we have today. 419,000 of these jobs will be in Alberta, representing three jobs for every individual worker employed in Alberta’s upstream energy sector as of 2022.

Oil and gas prices correspond to global market demand, and they do not typically reflect the cost of production. As such, the risk of compliance costs passed through from the oil and gas sector to Canadians is very low, and the proposed Regulations are not expected to affect the cost of everyday items such as fuel or groceries.

Provincial leadership

British Columbia previously announced it will put in place an oil and gas emissions cap to serve as a backstop to the federal policy. The goal will be to meet BC’s greenhouse gas emission reduction targets and avoid regulatory duplication and administrative burden for the oil and gas sector.

Alberta, in its Emissions Reduction and Energy Development Plan (2023), communicated its goal to achieve carbon neutrality by 2050 and signalled it would explore options to achieve a 75-80% reduction in methane emissions from conventional oil and gas by 2030. Alberta has had a price on carbon emissions since 2007, making it the first jurisdiction in North America to price carbon. The province’s industrial carbon pricing system, implemented as set out in the Technology Innovation and Emissions Reduction (TIER) Regulation, recycles its proceeds to invest in emissions reduction projects including in the oil and gas sector, such as methane emissions abatement.

Saskatchewan is a leader in carbon capture and sequestration technology, with several projects aimed at capturing CO2 emissions from oil and gas production. In 2014, the Boundary Dam project became the first power station in the world to successfully use carbon capture and storage technology. The province is also addressing methane emissions, including improving leak detection and repair practices and implementing best practices for gas flaring and venting.

Newfoundland and Labrador’s offshore oil sector is already one of the lowest-emitting in the country. The newest planned production project—Bay du Nord—was approved with the historic requirement for the project to reach net-zero emissions by 2050. Like all other oil- and gas-producing provinces, NL implements a price on industrial carbon emissions via its provincial output-based pricing system.

Note on third party reports

The Government of Canada is aware of third-party reports conducted by Conference Board of Canada, Deloitte and S&P.

These reports are based on a broad range of assumptions including elements of the previously published Regulatory Framework or, in some cases, other assumptions made by the authors. A common assumption found in the reports was that the oil and gas sector would take limited to no additional action to reduce emissions without the regulations.

These reports do not reflect an accurate analysis of the current draft regulations. The Government of Canada welcomes continued sharing of analysis to help refine the proposed Regulations.

MIL OSI Canada News –
January 26, 2025
MIL-OSI Asia-Pac: Address by Union Minister of New and Renewable Energy Shri Pralhad Joshi on Seventh General Assembly of ISA
Source: Government of India

Posted On: 04 NOV 2024 6:32PM by PIB Delhi

Hon’ble Ministers, Vice Presidents of the ISA Assembly

Ambassadors, High Commissioners, Honorary Consuls, Director General, Other Excellencies and Esteemed Delegates

It is a pleasure to stand before you today at the 7th General Assembly of the International Solar Alliance. Today, we are at a crucial point in our mission to reshape the global energy future.

Today we also celebrate the Power of the Sun. It is amazing to reflect on how harnessing solar energy has been a vital part of cultures globally for centuries.

In ancient Egypt, the sun god Ra was worshipped, symbolising life and energy. In the early 13th century in South America, the sun god, Inti was considered the ancestor of the Inca people.

Whether it be the Aztec civilisation, or the African traditions, Sun is personified and worshipped through dances and offerings.

Just like the Olympics, the Pythian Games were also part of ancient Greece. In Greek mythology, Apollo was the god of sun and light. He was worshipped through various festivals, including the Pythian Games.

Similarly, in India, the sun has held a sacred place in our culture, with the worship of Surya, deeply embedded in our traditions. To this day, we continue to pay our respect to the Sun God, through festivals like Makar Sankrant, or by reciting Gayatri Mantra or by practising Surya Namaskar every morning.

Our ancestors utilised solar energy in various forms, from solar heating techniques to architecture designed to capture sunlight effectively. Throughout India, you will find temples dedicated to Surya God anywhere and everywhere you go.

As we move forward, let us draw inspiration from these rich traditions and continue to promote solar energy, embracing its potential to transform lives and protect our planet. Together, we can harness the sun’s energy, furthering the wisdom of our ancestors while paving the way for a sustainable future.

Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we have made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.

In 2024, the global solar sector is set to reach approximately 2 terawatt of installed solar photovoltaic capacity. This marks an extraordinary leap from just a decade ago when solar was still considered a small segment within global energy markets. In 2023, solar energy contributed 5.5% of the global power, with its role in the energy mix expanding rapidly.

This rapid growth is fuelled by record-breaking investments. Global solar investments have grown from $144 billion in 2018 to $393 billion in 2023 and are expected to reach $500 billion by the end of 2024.

These investments are not only adding new capacity but are also driving down the cost of energy from solar worldwide. Today solar power has become the most affordable source of electricity in many regions, even surpassing coal and gas.

This cost-effectiveness is fuelling a global surge in solar ambitions, with several countries emerging as frontrunners in the field. Countries like the United States with more than 130 GW of installed solar capacity, and regions like the European Union (Germany and Spain collectively contribute over 250 GW of solar capacity) are also making good progress.

It gives me immense pride that India is also swiftly advancing its renewable energy capabilities. India’s journey is one of bold vision and relentless progress.

Under India’s Prime Minister Shri Narendra Modi’s leadership, India has set ambitious renewable energy targets, and achieved remarkable milestones along the way. Last month, India reached an impressive 90 GW of installed solar capacity, moving steadily forward towards its broader goal of 500 GW of renewable energy capacity by 2030.

India is also setting its sights on new horizons, with a target to produce 5 million metric tonnes of green hydrogen by 2030, supported by 125 GW of renewable energy capacity. We have approved 50 solar parks with a total capacity of nearly 37.5 GW and identified potential offshore wind energy sites to reach our 30 GW goal by 2030.

India’s Union Budget for 2024-25 reflects this commitment, with a 110% increase in funding for solar power projects and targeted support for initiatives like the PM-Surya Ghar Muft Bijli Yojana. This, along with exemptions on critical mineral imports, underscores our resolve to lead in solar innovation.

India has one of the best schemes globally for Solar rooftop installation. We are empowering communities to generate their own renewable energy.

In fact, the PM-KUSUM scheme is already transforming rural landscapes, enabling farmers to irrigate with solar power and sell surplus energy, advancing both livelihoods and sustainable agriculture. Furthermore, our Production Linked Incentive scheme is strengthening India’s solar manufacturing sector, fostering a self-reliant supply chain.

With these initiatives, India is not just contributing to a global energy transition but is setting a benchmark for sustainable growth. I am proud to say that we are making a tangible impact on the ground. This commitment to progress aligns seamlessly with the goals of the International Solar Alliance.

As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries and Small Island Developing States.

I am also pleased to share that ISA has successfully completed 21 out of 27 demonstration projects. This showcases our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe.

I congratulate ISA and dedicate to the world 11 demonstration projects and the 7 STAR C centres launched today. It will help us expand the strong network of institutional capacities within ISA member states.

One of our innovative flagship initiatives in 2024 has been the launch of the Solar Data Portal. This platform delivers real-time data on solar resources, project performance, and investment opportunities across countries. It is providing transparent and actionable insights, thereby transforming how governments, investors, and developers engage with solar projects.

Another flagship initiative of ISA is the establishment of the Global Solar Facility. This facility aims to unlock commercial capital for solar projects in underserved regions, especially in Africa. With a pilot project already underway in the Democratic Republic of Congo, and commitments of $39 million from India, ISA, Bloomberg, and CIFF, we are on track to operationalise this initiative by COP29.

In addition to this, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. In September, we announced 30 winners from the Asia and Pacific edition, and preparations are underway to host the 3rd Edition of the challenge for the Latin America and the Caribbean region.

Besides these initiatives, ISA continues to expand knowledge-sharing. Our monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development.

Our efforts have been brought to life through global events organised by ISA, like the International Solar Festival and CEO Caucus. At the upcoming COP29, we will host a pavilion called the Solar Hub where we shall be organising numerous high-level sessions to encourage global participation.

The ISA is guided by the Towards 1000 strategy which aims to mobilise $1,000 billion of investments in solar energy solutions by 2030. This is our strategy to:
- Deliver energy access to 1,000 million people
- Installation of 1,000 GW of solar energy capacity
- Mitigate emissions to the tune of 1,000 MT of carbon dioxide every year.
Excellencies, ladies, and gentlemen, the path ahead is clear, and the time for action is now. As we look to the future, I urge all of us – governments, international organisations, private sectors, and civil society – to continue working hand in hand to accelerate the solar revolution.

Our nations come in all shapes and sizes, much like the diverse fingers of a hand. Yet, when we join together, we form a fist that represents strength and unity. ISA is your partner, and together, we have the power to shape a brighter, more sustainable future for generations to come.

As President of the International Solar Alliance, I take immense pride in the progress we have made together. The achievements of 2024 have set the stage for even greater advancements in the years to come. With your continued support, I am confident that ISA will continue to lead the world in making solar energy the foundation of our clean energy future.

With these words, I thank you, and look forward to the fruitful discussions ahead as we embark on this next chapter of our shared solar journey.

Thank you.

******

Navin Sreejith

(Release ID: 2070668) Visitor Counter : 58

MIL OSI Asia Pacific News –
January 26, 2025
MIL-OSI Asia-Pac: The International Solar Alliance Announces the Selection of its third Director General
Source: Government of India (2)

Posted On: 04 NOV 2024 6:02PM by PIB Delhi

The seventh session of the ISA Assembly in progress in New Delhi today selected Mr Ashish Khanna from the Republic of India as its third Director General. The other office candidates included Mr Wisdom Ahiataku —Togobo from Ghana and Mr Gosaye Mengistie Abayneh from Ethiopia.

The Director General of ISA plays a crucial role in supporting the Assembly in advancing the International Solar Alliance mandate. This includes supporting to Member Countries in addressing common challenges and engaging in coordinated action to scale up the deployment of solar energy globally.

The outgoing Director General, Dr Ajay Mathur, wishing his successor luck, said, “As I step down from my role, I want to take a moment to welcome Mr Ashish Khanna to this incredible journey ahead warmly. Serving in this position has been an honour, and I am confident you will bring unique energy, vision, and passion to this office and role. Your leadership will undoubtedly steer this Alliance to new heights, building on the progress achieved while carving your legacy. The challenges ahead are great, but so are the opportunities. My simple advice is to trust your intuition, lean on the support around you, and know that you have the skills to make a lasting impact. I wish you the very best as you begin this new chapter.”

As part of the selection process, the three candidates presented to the ISA Member Country representatives, focusing on their vision for a solar energy-dominant world and the role of the Alliance.

Mr Ashish Khanna, Director General – Designate, ISA, expounding on his plans for expanding ISA’s reach and impact, said the focus has to shift from ‘what’ to ‘how’ as most countries are aware of what needs to be done, but require assistance in reaching those goals. He added that the Alliance will benefit from participating in international fora, where the motivation should be twofold: to explore collaborations, work together, and learn from each other’s experiences. Moving forward, he said he looks forward to building on what is working well and grooming existing partnerships, and he stressed purity of intent and passion for results.”

Dr Ajay Mathur, who has led the Alliance since 2021, will conclude his tenure on 14 March 2025. Under his leadership, the Alliance has achieved significant milestones, including a monumental rise in Member & Signatory Countries tallying at 103 and 17, respectively, the completion and launch of demonstration projects, and the successful identification of 50 start-ups with potential to dynamise their countries’ journey towards solar energy. His contributions have laid strong foundations to equal challenges that global solar deployment presents under the broad ambits of investments – via the Global Solar Facility, infrastructure through setting up of solar demonstration projects, and indigenisation – via the STAR-Centres and other ISA programme-related trainings.

Across the three priority areas of work: advocacy and analytics, capacity building, and programmatic support, drawing a spotlight on the Alliance’s accomplishments under his leadership.
- He steered the aggregation of 9.5 GW of project proposals, including notable projects like a 360 MW solar PV bid in Cuba and a 400 MW approval in Ethiopia. Guided the preparation of feasibility studies for ground-mounted projects and solar rooftop DPRs in Comoros, Sao Tome & Principe, and Bangladesh. Pilot projects are advancing in Ethiopia, and assessments are ongoing in nine countries. Mini-grid assessments in Ethiopia, Somalia, and Guinea, as well as solar water pumping studies, were completed in 10 countries.
- The STAR-C initiative, the stellar capacity-building ISA offering, has trained over 900 professionals through six centres, with 10 new centres planned. Regulatory workshops in eight countries have trained over 265 policymakers. ISA also drives knowledge management through its Knowledge Series, Solar Data Portals, and Green Hydrogen Innovation Centre. Flagship reports Easing of Doing Solar and World Solar Reports on Technology, Investment and Finance have been published annually since 2020 and 2022, respectively. The latest addition to this repertoire, ‘Unleashing the Role of Solar: In Advancing Economic, Social, And Environmental Equity’ report, focuses on exploring the global adoption of solar (and renewables) through the lens of socio-economic and developmental priorities for each archetype, utilising a diverse set of indicators across finance, technology, and policy enablers.
- Among the innovative financial tools, ISA’s Global Solar Facility, launched at COP27, aims to unlock $50M in commercial capital for underserved regions, with its first project in the Democratic Republic of the Congo. While the SolarX Startup Challenge, launched at COP27, mentors 50 scalable solar solutions from Africa and Asia-Pacific, supporting the creation of a project pipeline. ISA continues to lead global collaboration on solar energy through events at the Conference of Parties. Since COP27, ISA has been hosting a solar-focussed space, The Solar Hub, and took its advocacy efforts a notch up with the launch of the first International Solar Festival in September 2024, further cementing its role in the global solar transition.
Speaking of his legacy, Dr Mathur noted, “I would like to be remembered as the Director General who provided some degree of direction for the globalisation of solar energies while in office at the Alliance.”

About the International Solar Alliance

The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

***

Navin Sreejith

(Release ID: 2070660) Visitor Counter : 23

MIL OSI Asia Pacific News –
January 26, 2025
MIL-OSI Asia-Pac: The International Solar Alliance Hosts the Seventh Session of its Annual Assembly with representatives from 103 Member & 17 Signatory Countries
Source: Government of India (2)

Posted On: 04 NOV 2024 5:54PM by PIB Delhi

The International Solar Alliance (ISA) is hosting the seventh session of its Assembly here in the Indian capital with ministers from 29 countries.

Speaking at the inaugural ceremony, the Hon’ble Minister for New and Renewable Energy, India, in his capacity as the President of the ISA Assembly, Shri Pralhad Joshi said: “It is my great honour to stand before you today at the Seventh Session of the Assembly of the ISA. Today, we find ourselves at a key turning point in our mission to reshape the global energy future. Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we’ve made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.” He further added, “As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries (LDCs) and Small Island Developing States (SIDS). I’m proud to state that ISA has successfully completed 21 out of 27 demonstration projects, showcasing our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe. These successful projects are a testament to our shared commitment and dedication. I congratulate and dedicate the eleven demonstration projects and the seven STAR- Centres launched today to the people of these countries.”

The Hon’ble President also highlighted key interventions of ISA, which are globally pushing the solar agenda. The Solar Data Portal, a platform that delivers real-time data on solar resources, project performance, and investment opportunities across countries, transforms how governments, investors, and developers engage with solar projects by providing transparent and actionable insights. The Global Solar Facility aims to unlock commercial capital for solar projects in underserved regions, especially Africa. A pilot project is underway in the Democratic Republic of Congo, and commitments of USD 39 million from India, ISA, Bloomberg, and Children’s Investment Fund Foundation are on track to be operationalised by COP29.

In addition, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. The 2024 edition announced 30 winners from the Asia and Pacific region, including India, and preparations are underway to host the Third Edition of the challenge for the Latin America and Caribbean region.

The monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development to expand knowledge-sharing and advocacy. Global events like the International Solar Festival, CEO Caucus, and the ISA pavilion ‘Solar Hub’ at the Conference of Parties since COP27 have encouraged global participation and advocacy for solar as a preferred energy source.

The Co-President of the ISA Assembly, H.E. Mr H.E. Thani Mohamed Soilihi, France’s Minister of State for Development, Francophonie and International Partnerships, via a video message, said:

“I would like to thank the Secretariat of the International Solar Alliance for its significant work in developing the organisation and setting out ambitious programmes year after year. France has honoured its pledge at the outset of the International Solar Alliance to contribute €1.5 billion to finance solar projects in the organisation’s Member Countries. That is why we renewed our financial support for the Alliance in 2024, which is based on three priorities: First, support for the STAR-C programme which plays a key role in local capacity building. Second, France wishes to facilitate access to financing for developing economies which are transitioning towards sustainable development. Third, France wants to step up the ISA Secretariat’s internationalisation process to increase its outreach. France will continue to support the International Solar Alliance, to enhance collaboration and speed up the development of solar energy. It will thus encourage new partner countries to join the Alliance and will synergise with the initiatives and organisations in developing renewable energies.”

In his welcome address, Dr Ajay Mathur, Director General of the International Solar Alliance, said, “We are pleased to have honourable ministers from our member, signatory, and prospective countries present here today. Our collective presence symbolises our intention—to explore groundbreaking solutions, exchange expertise, and strengthen partnerships that will drive a new era of solar transformation. In this spirit of global cooperation, we find the collective strength to confront the critical challenges of our time. Over the past years, the Assembly has helped shape the ISA into a global leader in the international arena as the definitive voice on driving energy transition through the deployment of solar energy solutions. This year, too, the Assembly shall be taking up some major initiatives and programmes into consideration that will be laying the foundation for the future.”

The Assembly will also consider the budgets and work plans for the coming year and include updates on ISA’s priority areas of work, programmes, and projects. An important topic of discussion will be the guidelines for the Viability Gap Funding (VGF) Scheme, which provides for 10% to 35 % of the total solar project cost to be given as a grant for developing solar projects in LDCs and SIDS identified by the countries themselves, provided 90% of the project cost is locked in. Proposals from countries will be considered on a first-come, first-served basis until the annual budget provisions of ISA USD 1.5 million per year are available. The VGF can be availed for solar projects set up by government/government institutions or independent developers/beneficiaries selected through a process per the respective country policies.

This year’s proceedings will also consist of the election of the president and co-president, who will take over office immediately after the Assembly for the period: 2024 – 2026. The selection of the new Director General, who will assume office in March of 2025, will also be announced.

The Assembly will be followed by a day-long High-Level Technology Conference on Clean Technologies, which will witness the launch of the third edition of ISA’s flagship report series on technology, investment, and market—the World Solar Reports. The Assembly proceedings will culminate on 6 November 2024 with delegates marking a visit to a farm site in NCT of Delhi to witness first-hand the practical implementation of agrivoltaic system, which entails using the same land for solar energy production and agriculture.

About the ISA Assembly:

The Assembly is ISA’s yearly apex decision-making body, representing each Member Country. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance. The Sixth Assembly of the ISA is deliberating on the key initiatives of ISA on three critical issues: energy access, energy security, and energy transition.

About the Demonstration Projects:

In May 2020, ISA initiated Demonstration Projects to meet the needs of Least Developed Countries (LDCs) and Small Island Development States (SIDS). The aim was to exhibit solar technology applications that can be scaled up and build the capacity of Member Countries to replicate these solar-powered solutions.
1. Bhutan: Solar cold storage at the National Post Harvest Centre in Paro
2. Burkina Faso: Solarisation of two primary healthcare centres in the rural communes of Louda and Korsimoro in the north centre region
3. Cambodia: Solarisation of primary and secondary schools in Koh Rong city
4. Cuba: Solar water pumping system at the Hatuey Indian Experimental Station (EEIH) in Perico, Matanzas
5. Djibouti: Installation of two off-grid solar-powered cold storage units in Omar Jaga’a in the Arta region and Dougoum village in the Tadjourah region
6. Ethiopia: Solar-powered water pumps in Gedeo Zone, Irgachefe Woreda community
7. Mauritius: Solarisation of the Jawaharlal Nehru Hospital in Rose Belle
8. Samoa: Solar streetlights implemented across 46 locations
9. Senegal: Solar cold storage in the Borough of Ndande, within the Municipality of Theippe in the Kebemer Department
10. The Gambia: Solar water pumping systems in Wassadou and Julangel
11. Tonga: Solar water pumping project in four villages on Tongatapu
About the STAR-Centre Initiative:

Solar Technology Application Resource-Centre (STAR-C)are equipped with specialised training facilities, tools, and structured learning modules designed to cultivate a highly skilled solar workforce. To date, ISA has successfully established and operationalised STAR Centers in seven countries: Ethiopia, Somalia, Cuba, Côte d’Ivoire, Kiribati, Ghana, and Bangladesh. Since their launch, these centres have trained professionals in various aspects of solar energy, preparing them to contribute effectively to the sector’s rapid expansion.

About the International Solar Alliance

The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

The ISA is guided by the Towards 1000 strategy which aims to mobilise $1,000 billion of investments in solar energy solutions by 2030. This is our strategy to:
* Deliver energy access to 1,000 million people
* ⁠Installation of 1,000 GW of solar energy capacity
* ⁠Mitigate… pic.twitter.com/6VqFDAAWpG

— Pralhad Joshi (@JoshiPralhad) November 4, 2024

In India’s Union Budget for 2024-25, there is a 110% increase in funding for solar power projects and targeted support for initiatives like the @PMSuryaGhar Yojana. This, along with exemptions on critical mineral imports, underscores our resolve to lead in solar innovation. pic.twitter.com/koHSoHAeso

— Pralhad Joshi (@JoshiPralhad) November 4, 2024

Under India’s Prime Minister Shri @narendramodi ’s leadership, India has set ambitious renewable energy targets, and achieved remarkable milestones along the way. Last month, India reached an impressive 90 GW of installed solar capacity, moving steadily
forward towards its… pic.twitter.com/5DUhf9Od5C

— Pralhad Joshi (@JoshiPralhad) November 4, 2024

Navin Sreejith

(Release ID: 2070655) Visitor Counter : 57

MIL OSI Asia Pacific News –
January 26, 2025
MIL-OSI Asia-Pac: Maharatna PSUs NTPC and ONGC Join Hands to form a JV Company

Source: Government of India (2)

Posted On: 04 NOV 2024 5:53PM by PIB Delhi

Maharatna PSUs NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd. and ONGC Green Energy Ltd.) to further promote their interest in renewable and new energy arena.

Subsequent to the signing of the Joint Venture Agreement on 7^th February 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL.

This JVC shall venture into various Renewable Energy (RE) and New Energy opportunities including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits, Green Credits, etc.

The JVC will also seek opportunities to acquire renewable energy assets and will also consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujrat.

The strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation’s ambitious goals for a greener future. Considering their domain expertise and resources, both entities are poised to contribute significantly to India’s renewable energy landscape, driving innovation and fostering environmental stewardship.

***

JN/ SK

(Release ID: 2070652) Visitor Counter : 60

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI: Questor Announces Departure of Vice President of Operations and Engineering

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor”, the “Company”), (TSX Venture Exchange: QST) would like to announce Mr. Quentin Kyliuk is no longer with Questor Technology Inc., effective October 28, 2024.

On behalf of the employees and Board of Directors, the Company thanks Quentin for his contribution to Questor and wishes him all the best in his future endeavours.

ABOUT QUESTOR TECHNOLOGY INC.

Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at 99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all of the emission detection data available to demonstrate a clear picture of the site’s emission profile.

The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 2240, 140 – 4 Avenue S.W. Calgary, Alberta, Canada, T2P 3N3.

QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

Investor Relations Contact

Aly Sumar – Chief Financial Officer

investor@questortech.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document is not intended for dissemination or distribution in the United States.

The MIL Network –

January 26, 2025
MIL-OSI United Kingdom: Scottish Secretary champions energy sector on visit to Norway
Source: United Kingdom – Executive Government & Departments

Ian Murray will make his first official overseas visit to Norway this week, as the UK strengthens its relationship with key international partner.
On this trip Mr Murray will met energy investors to highlight Scotland’s world-leading energy sector and UK Government’s clean energy mission. This follows £125 million allocated in the Budget towards establishing Great British Energy in Aberdeen,

Norway is a key partner for Scotland and the UK, in trade, defence, and energy. The Scottish Secretary’s visit will deepen these ties, to bring benefits to people and businesses in both Scotland and Norway.

Prime Minister Keir Starmer met the Prime Minister of Norway in July, where they discussed the importance of energy security and working together on green energy and renewables.

Following on from this, the Secretary of State will meet a number of Norwegian companies who are investors in wind and low carbon projects. That includes Equinor who are a major supplier of energy to UK households and Operate the Hywind Scotland windfarm off the North East coast of Scotland.

Speaking ahead of his visit, Mr Murray said:

We are committed to maximising Scotland’s influence abroad, and selling ‘Brand Scotland’ across the world. Norway and the UK are key partners in energy, trade and defence, and my visit will help strengthen those ties. Norway is an important provider of clean energy, and of course Scotland’s energy sector is world-leading.

I look forward to meeting a number of energy companies to discuss our journey to clean energy by 2030, the role of GB Energy, and encourage their further investment in Scotland’s green clean future.

Last week the Chancellor’s Budget demonstrated how the UK Government is investing in Scotland’s future and laying the foundations for economic growth across the UK – including through funding for Green Freeports, City and Growth Deals, GB Energy and hydrogen projects.

The visit to Norway will also help cement relations with one of the UK’s most important strategic trade and defence allies. Mr Murray will meet Norwegian ministers, and visit Kongsberg, a world leading defence contractor part owned by the Norwegian Government. Kongsberg supports 3500 jobs in the UK, including in Aberdeen and Dunfermline.

The Secretary of State for Scotland and the Norwegian Ambassador to the UK, Tore Hattrem, recently visited the Royal Navy’s HMS Prince of Wales aircraft carrier. The carrier has recently taken part in Operation Strike Warrior – the biggest maritime training exercise in Europe, involving Norway and other NATO allies, operating under challenging conditions off the west coast of Scotland.

Mr Murray will also meet the Norwegian government to discuss local economic growth, and support to remote communities.

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Published 4 November 2024
MIL OSI United Kingdom –
January 26, 2025
MIL-OSI Economics: OEUK news OEUK responds to Autumn Budget 30 October 2024
Source: Offshore Energy UK

Headline: OEUK news

OEUK responds to Autumn Budget

30 October 2024

Photo caption: OEUK CEO David Whitehouse. Credit: Offshore Energies UK.

The leading trade body for the UK offshore energy sector has responded to today’s Autumn Budget.

Confirming changes to the Energy Profits Levy, the Chancellor said she has sought to ensure the UK oil and gas industry can protect jobs and support domestic energy security. She confirmed that while the government will increase and extend the energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year capital allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030 unless the Energy Security Investment Mechanism is triggered before then.

OEUK said there is different path which generates more economic value and enables a homegrown transition towards the country’s climate goals by anchoring the sector’s world class supply chain and supporting over 200,000 UK-wide jobs.

The Chancellor today reconfirmed support for GB Energy and funding for carbon capture and storage and hydrogen projects across the UK.

David Whitehouse, CEO Offshore Energies UK comments:

“Today we heard the Chancellor recognise the role of the oil and gas sector to support high quality jobs and strengthen the UK’s energy security. We welcome that and the meetings and dialogue which have taken place between industry and the new government.

“While the government will increase and extend the Energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030.

“However, with an increase in tax despite commodity prices at recent lows, there is no hiding that this is a difficult day for the sector.

“Oil and gas companies, our world class supply chain and our highly skilled people will support the energy transition. We will not be successful without them.

“It’s why there is a different path for this industry which can deliver the energy future we all agree on. With industry and government working in partnership we can protect the North Sea as a national economic asset. It can and should serve as an engine to realise UK economic growth and climate goals.

“We welcome that the government will consult in early 2025 on how the oil and gas tax regime can encourage investment and respond to changes in the oil price. We also note the consultation on end use emissions for oil and gas projects.

“That’s why we are calling for a homegrown energy transition – making the most of our whole homegrown sector – from oil, gas, wind, hydrogen to carbon capture projects with fair and competitive stable policies that keep jobs, skills and capital in the UK.”

Notes to editors:
1. Issued by the communications team, OEUK. Contact [email protected].
2. OEUK is campaigning for a homegrown energy transition that makes the most of the UK’s people and industrial strengths to be a secure, sustainable and skilled future. Download a copy of OEUK’s industry manifesto here.
Did you know?
- 154,000 jobs are directly or indirectly related to offshore energy.
- 120,000 of these are directly or indirectly supported by oil and gas projects. When induced jobs are included this increases to over 200,000.
- Spend in the UK’s offshore energy sector could total £450bn by 2040.
- The existing supply chain built through experience supporting the oil and gas sector has the capability to service 84%, 80% and 58% of our CCS, Hydrogen, and Floating offshore wind sectors, respectively.
- Moving to net zero will require more than £1 trillion of investment across the UK economy.
- The offshore energy sector is ready to spend £450bn on projects in the next 15 years under the right investment conditions.
- The UK imports around 40% of its energy needs. UK energy production is at the lowest it has ever been.
- The UK gets three-quarters of its total energy from oil and gas. Domestic production is equivalent to around half these needs.
- Over 24 million homes rely on gas boilers for heating. 1.5 million more homes rely on heating oil.
- Over 30% of UK electricity is supplied by gas power stations
- 38 million UK vehicles run on petrol or diesel.
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MIL OSI Economics –
January 26, 2025
MIL-OSI: FTC Solar Announces 1GW Tracker Supply Agreement with Dunlieh Energy

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI) (“FTC Solar”), a leading provider of solar tracker systems, and Dunlieh Energy, (“Dunlieh”) announced today that FTC will be supplying trackers for over one gigawatt of solar projects for Dunlieh beginning in 2025.

The first project expected under the agreement is the Situla Energy Project, a 500-megawatt utility-scale solar and battery facility under development in Banner County, Nebraska, approximately 30 miles east of the Wyoming border. In addition to providing clean, renewable energy, the project is expected to generate more than 225 local construction jobs and contribute more than $1.4 million annually in nameplate capacity taxes, most of which will go to local schools and the county. Tracker delivery on the project is expected to begin in the second half of 2025.

“FTC Solar has impressive, high-quality tracker technology that is incredibly fast, safe, and easy to install,” said Thaer Flieh, CEO of Dunlieh Energy. “The Situla project is poised to provide great value to the community, and FTC’s highly constructible design will lend itself incredibly well for that and other future developments.”

“We’re very pleased to have been selected by Dunlieh for this one-gigawatt agreement,” commented Yann Brandt, FTC Solar’s President and CEO. “With our robust product lineup across 1P and 2P technologies, along with excellent customer service, we stand ready to help our new customer, Dunlieh, optimize each individual project site.”

FTC Solar adds this material supply agreement to a recently announced relationship with Strata Clean Energy as well as new project details with Sandhills Energy in the past quarter.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

About Dunlieh Energy
At Dunlieh Energy, we’re on a mission to accelerate the transition to clean energy by solving energy problems and bringing new generation capacity to areas that lack energy supply. Developing sustainable energy projects including solar PV, energy storage and green hydrogen, our goal is to build a green future for the next generation.

FTC Solar Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com

Dunlieh Contact:
contact@dunlieh-energy.com
www.dunlieh-energy.com

Forward-Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. In addition, this press release contains statements about third parties and their commercial activity. We have not independently verified or confirmed such statements and have instead relied on the veracity of information as provided to us by such third parties related to such statements. You should not rely on our forward-looking statements or statements related to third parties or their commercial activities as predictions of future events, as actual results may differ materially from those in the forward-looking statements or statements related to third parties or their commercial activities because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements or statements related to third parties or their commercial activities contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

The MIL Network –

January 26, 2025
MIL-OSI USA: FACT SHEET: The Biden-⁠ Harris Administration Marks the Anniversary of the Americas Partnership for Economic Prosperity Leaders’ Summit

US Senate News:

Source: The White House
The United States has deep economic ties to the Western Hemisphere. Through the Americas Partnership for Economic Prosperity, the Biden-Harris Administration’s premier economic initiative for the region, the United States is strengthening and expanding our efforts to enhance regional competitiveness by focusing on the drivers of bottom-up and middle-out economic growth that will create good-quality jobs and more resilient supply chains.
The Americas Partnership for Economic Prosperity (known as the Americas Partnership or APEP) launched at the Summit of the Americas in 2022, includes member countries that represent90 percent of the hemisphere’s GDP and nearly two-thirds of its people.
At the inaugural Leaders’ Summit on November 3, 2023, President Biden and leaders of the eleven other Americas Partnership countries—Barbados, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay—deepened our shared commitment to ahemisphere that is among the most dynamic economic regions in the world.  During the past year, Ministers from the Trade, Foreign Affairs, and Finance tracks have met to set goals and develop priority workstreams to intensify regional economic cooperation. U.S. Trade Representative Katherine Tai, Secretary of State Antony Blinken, and Secretary of the Treasury Janet Yellen all hosted their Americas Partnership ministerial counterparts to drive inclusive sustainable growth and strengthen critical supply chains in semiconductors, medical supplies, and clean energy and critical minerals.
One year on, the initiative is delivering concrete results to improve the lives of people throughout the region while creating economic opportunities within the hemisphere. As National Security Advisor Jake Sullivan said at the Brookings Institutionthis year, “we’re working to make the Western Hemisphere a globally competitive supply chain hub for semiconductors, clean energy, and more.”
Since its launch, the Americas Partnership is:
Driving investment and expanded entrepreneurship by leading efforts to train an inclusive and diverse cohort of entrepreneurs and connect them with financing opportunities.
The Americas Partnership Investor Network was launched at a July 2024 White House meeting hosted by National Security Advisor Jake Sullivan. As part of the Network, a diverse group of angel and venture capital investors pledged to collectively invest more than $1 billion in early-stage companies and entrepreneurs in Latin America and the Caribbean by 2030.  The Inter-American Development Bank’s innovation and venture arm, IDB Lab, contributed $300,000 toward implementation of this Investor Network by the Uruguay Innovation Hub and Endeavor, creating new opportunities for the region’s next generation of high-impact entrepreneurs.
The inaugural cohort of 46 impact enterprises from Colombia, Costa Rica, Mexico, and Panama graduated from USAID’s CATALYZE Americas Partnership Accelerator program, with the next cohort of 119 impact enterprises from Barbados, Chile, Costa Rica, Ecuador, Peru, and Uruguay in the training pipeline. The program’s work across 10 target countries has mobilized the first $1.5 million of the investment goal of at least $20 million in two years.
Canada’s AcelerarMe Program is providing training and mentoring to businesswomen in Colombia, Costa Rica, Ecuador, Panama, Peru, and Mexico, executed by the Thunderbird School of Global Management.  The program aims to graduate an estimated 450 entrepreneurs by 2026. Already, two active cohorts have completed the majority ofthe training and four new cohorts will begin training in January 2025.
In 2024, Americas Partnership countries supported Small and Medium Enterprises (SMEs) through the Americas Partnership SME Inclusive Trade Inventory, including programs which assist micro-SMEs, that are owned and led by women, Indigenous persons, minorities, and those from historically underrepresented and underserved communities. This fall, Americas Partnership governments held a Best Practices Exchange to strengthen knowledge-sharing among APEP countries.
Advancing economic competitiveness and supply chain resilience for Americas Partnership economies.
The Department of State has driven inclusive and sustainable growth by providing up to $7 million to the IDB’s Biodiversity and Natural Capital Facility. This Fund for Nature is supporting Americas Partnership member countries with technical cooperation to mainstream climate, biodiversity, natural capital, and nature-based solutions into economic development plans and investments.
To bolster semiconductor production capabilities across the Western Hemisphere, the Department of State, in collaboration with the IDB, unveiled the CHIPS ITSI Western Hemisphere Semiconductor Initiative. This groundbreaking initiative, supported through the CHIPS Act International Technology Security and Innovation (ITSI) Fund, is enhancing semiconductor assembly, testing, and packaging capabilities in key Americas Partnership countries, beginning with Mexico, Panama, and Costa Rica. Under the initiative, Costa Rica, Panama, and the Dominican Republic signed MOUs with Arizona State and Purdue Universities to expand their skilled semiconductor workforce.
The U.S. International Development Finance Corporation (DFC) and IDB Invest have supported almost $2 billion worth of projects in APEP member countries over the past year. In addition, DFC and IDB Invest launched the Americas Partnership Platform to facilitate co-investments, and added a $30 million technical assistance facility to support new and existing projects under the Platform.
The Inter-American Development Bank delivered a “Phase I” report to Americas Partnership members in June 2024 to evaluate and enhance members’ competitiveness in the three priority supply chain sectors (semiconductors, medical supplies, and critical minerals). This report highlighted the scale of the nearshoring opportunity in our region, while identifying areas where targeted policy innovations and infrastructure improvements will attract additional investment.  In the next stage, the IDB is engaging policymakers and other stakeholders throughout the region to develop concrete, country-specific policy recommendations in a set of “Phase II” reports.
Americas Partnership countries launched the Americas Partnership Clean Hydrogen Working Group, co-led by Chile, Uruguay, and the United States.  Backed by the Department of State’s Power Sector Program, the Working Group seeks to ensure the Western Hemisphere is a global leader in clean hydrogen development and deployment as countries seek to meet their national clean energy and climate goals.
APEP countries have led a wide range of initiatives on key member priorities. For example, Ecuador and Peru have joined forces to promote sustainable food production.  The Dominican Republic has led an effort to promote transparency and integrity in the public sector. Chile is spearheadingexpanded cooperation in civil and commercial space affairs. Supported by agencies like the U.S. Trade and Development Agency (USTDA), Americas Partnership countries are also aiming to improve regulatory systems and market access for essential medical products across the region.
In the year since the November 3, 2023 Leaders’ Summit, the Biden-Harris Administration has worked together with the members of the Americas Partnership for Economic Prosperity to take concrete steps towards fulfilling the hemispheric vision of economic prosperity for all of our citizens.

MIL OSI USA News –

January 26, 2025
MIL-OSI Global: How can Jupiter have no surface? A dive into a planet so big, it could swallow 1,000 Earths

Source: The Conversation – USA – By Benjamin Roulston, Assistant Professor of Physics, Clarkson University

A photo of Jupiter taken by NASA’s Juno spacecraft in September 2023. NASA/JPL-Caltech/SwRI/MSSS, image processing by Tanya Oleksuik

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

Why does Jupiter look like it has a surface – even though it doesn’t have one? – Sejal, age 7, Bangalore, India

The planet Jupiter has no solid ground – no surface, like the grass or dirt you tread here on Earth. There’s nothing to walk on, and no place to land a spaceship.

But how can that be? If Jupiter doesn’t have a surface, what does it have? How can it hold together?

Even as a professor of physics who studies all kinds of unusual phenomena, I realize the concept of a world without a surface is difficult to fathom. Yet much about Jupiter remains a mystery, even as NASA’s robotic probe Juno begins its ninth year orbiting this strange planet.

Jupiter’s mass is two-and-a-half times that of all the other planets in the solar system combined.

First, some facts

Jupiter, the fifth planet from the Sun, is between Mars and Saturn. It’s the largest planet in the solar system, big enough for more than 1,000 Earths to fit inside, with room to spare.

While the four inner planets of the solar system – Mercury, Venus, Earth and Mars – are all made of solid, rocky material, Jupiter is a gas giant with a composition similar to the Sun; it’s a roiling, stormy, wildly turbulent ball of gas. Some places on Jupiter have winds of more than 400 mph (about 640 kilometers per hour), about three times faster than a Category 5 hurricane on Earth.

A photo of the southern hemisphere of Jupiter, taken by NASA’s Juno spacecraft in 2017.
NASA/JPL-Caltech/SwRI/MSSS/Gerald Eichstadt/Sean Doran

Searching for solid ground

Start from the top of Earth’s atmosphere, go down about 60 miles (roughly 100 kilometers), and the air pressure continuously increases. Ultimately you hit Earth’s surface, either land or water.

Compare that with Jupiter: Start near the top of its mostly hydrogen and helium atmosphere, and like on Earth, the pressure increases the deeper you go. But on Jupiter, the pressure is immense.

As the layers of gas above you push down more and more, it’s like being at the bottom of the ocean – but instead of water, you’re surrounded by gas. The pressure becomes so intense that the human body would implode; you would be squashed.

Go down 1,000 miles (1,600 kilometers), and the hot, dense gas begins to behave strangely. Eventually, the gas turns into a form of liquid hydrogen, creating what can be thought of as the largest ocean in the solar system, albeit an ocean without water.

Go down another 20,000 miles (about 32,000 kilometers), and the hydrogen becomes more like flowing liquid metal, a material so exotic that only recently, and with great difficulty, have scientists reproduced it in the laboratory. The atoms in this liquid metallic hydrogen are squeezed so tightly that its electrons are free to roam.

Keep in mind that these layer transitions are gradual, not abrupt; the transition from normal hydrogen gas to liquid hydrogen and then to metallic hydrogen happens slowly and smoothly. At no point is there a sharp boundary, solid material or surface.

An illustration of Jupiter’s interior layers. One bar is approximately equal to the air pressure at sea level on Earth.
NASA/JPL-Caltech

Scary to the core

Ultimately, you’d reach the core of Jupiter. This is the central region of Jupiter’s interior, and not to be confused with a surface.

Scientists are still debating the exact nature of the core’s material. The most favored model: It’s not solid, like rock, but more like a hot, dense and possibly metallic mixture of liquid and solid.

The pressure at Jupiter’s core is so immense that it would be like 100 million Earth atmospheres pressing down on you – or two Empire State buildings on top of each square inch of your body.

But pressure wouldn’t be your only problem. A spacecraft trying to reach Jupiter’s core would be melted by the extreme heat – 35,000 degrees Fahrenheit (20,000 degrees Celsius). That’s three times hotter than the surface of the Sun.

An image taken of Jupiter by Voyager 1. Note the Great Red Spot, a storm large enough to hold three Earths.
NASA/JPL

Jupiter helps Earth

Jupiter is a weird and forbidding place. But if Jupiter weren’t around, it’s possible human beings might not exist.

That’s because Jupiter acts as a shield for the inner planets of the solar system, including Earth. With its massive gravitational pull, Jupiter has altered the orbit of asteroids and comets for billions of years.

Without Jupiter’s intervention, some of that space debris could have crashed into Earth; if one had been a cataclysmic collision, it could have caused an extinction-level event. Just look at what happened to the dinosaurs.

Maybe Jupiter gave an assist to our existence, but the planet itself is extraordinarily inhospitable to life – at least, life as we know it.

The same is not the case with a Jupiter moon, Europa, perhaps our best chance to find life elsewhere in the solar system.

NASA’s Europa Clipper, a robotic probe launching in October 2024, is scheduled to do about 50 fly-bys over that moon to study its enormous underground ocean.

Could something be living in Europa’s water? Scientists won’t know for a while. Because of Jupiter’s distance from Earth, the probe won’t arrive until April 2030.

Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.

And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.

Benjamin Roulston does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How can Jupiter have no surface? A dive into a planet so big, it could swallow 1,000 Earths – https://theconversation.com/how-can-jupiter-have-no-surface-a-dive-into-a-planet-so-big-it-could-swallow-1-000-earths-231901

MIL OSI – Global Reports –

January 26, 2025
MIL-Evening Report: Yes, burning gas is bad for the climate. But keeping it in Australia’s energy mix is sensible

Source: The Conversation (Au and NZ) – By Roger Dargaville, Director Monash Energy Institute, Monash University

Shutterstock

Both major parties in Australia see a significant role for gas as the world shifts to clean energy in a bid to avert dangerous climate change.

The Albanese government says new sources of gas are needed to meet demand during the energy transition. And the Coalition, if elected, would expand gas use as it prepares for nuclear power.

Of course, some people argue that the grave threat of climate change means we should not burn any gas. Others say the strong growth in renewable energy generation and storage means Australia won’t need gas into the future.

So who is right? As I explain below, renewable energy is a huge part of the solution but doesn’t solve every problem. So keeping some gas-fired generators in the electricity mix, and using them only when necessary, is a sensible compromise.

Getting to grips with gas

There are almost 40 large natural gas-fired generators in Australia, and they are an important part of the National Electricity Market.

According to Open Electricity — a platform for tracking Australia’s electricity transition – the gas facilities generate around 4% of the electricity we consume and comprise about 17% of overall generation capacity.

The data also shows gas plants in Australia run at just 9% of their overall capacity, meaning they are idle much of the time. Some gas plants get used quite a lot, others only rarely. But when the plants are called on – during times of peak electricity use – their services are vital.

Overnight, our demand for electricity dips. But when we wake in the morning and start toasting bread and boiling kettles and the like, electricity demand picks up.

Demand eases off in the middle of the day as the sun rises high in the sky and Australia’s booming rooftop solar reaches its peak electricity output. But when the sun sets and rooftop solar is no longer producing, electricity use peaks. This early-evening demand creates a big challenge to the system.

That’s why we need technologies that can produce electricity at any time of day or night – and do it quickly. That’s where gas-fired generation – and other “dispatchable” forms of electricity – come in.

How do gas fired generators work?

Gas generators come in two main types.

An “open cycle generator”, also known as a Brayton cycle turbine, is essentially a jet engine. It combusts gas in a chamber to create enormous pressure that spins large fans. This drives a shaft that spins in the generator to produce electricity.

This technology is relatively cheap to build and can start up very quickly – but it’s also quite inefficient to operate. It uses a lot of expensive fuel, and creates a lot of waste heat.

The second type is known as a “combined cycle generator”. It also uses a Brayton cycle gas turbine. But it captures exhaust heat from the turbine and uses it to create steam, which in turn powers a second turbine (known as a Rankine cycle). This significantly increases the amount of electricity produced for the same amount of gas burned.

So while this technology is relatively efficient, it’s also more expensive to build and takes longer to ramp up and down.

Other types of gas generators exist, but they’re a relatively small part of Australia’s fleet.

A video explaining how gas turbines work.

Gas is not the only option

Gas plants are not the only facilities capable of firming up Australia’s electricity grid as the share of renewables increases.

Hydro power can also quickly ramp up to meet the evening peak. However the potential for building new conventional hydro in Australia is very limited due to the lack of large river systems and the significant environmental impact on rivers and surrounding areas.

Coal-fired generators have potential to ramp up production, but are generally not designed to do this every evening. Plus, Australia’s fleet of old coal plants is on a fast path to retirement.

To maintain the delicate balance of supply and demand, more will be required of gas and hydro, to produce electricity, and batteries and pumped hydro, to store it.

Pumped hydro works by using excess renewable energy to pump water up a hill. When electricity demand is high, the water is released and passes through a turbine, producing power.

The potential for pumped hydro energy storage in Australia is large, and some projects are likely to be economically viable. But the projects can face challenges, as demonstrated by delays and cost blowouts facing Snowy 2.0 in New South Wales.

Large-scale lithium-ion batteries are relatively easy to install. Many projects have been built or are in the pipeline. But batteries are not great for long-duration energy storage.

All this means gas-fired power generation is likely to have a future in Australia in coming decades.

The downsides of gas

Methane is the main component of natural gas. It’s also a potent contributor to global warming.

During natural gas production and transport, gas leaks inevitably occur. This is a problem for climate change.

So too is the carbon dioxide produced when the gas is burned to produce electricity.

To tackle climate change, we must dramatically reduce the amount of gas we use in our electricity system. Gas use should also be eliminated for heating and cooking in our homes and, where possible, in industry.

So where does that leave us?

Unfortunately, no perfect solution exists to Australia’s electricity supply-demand conundrum.

The most likely, most economic and most environmentally acceptable approach is to use a “portfolio” of technologies: lots of batteries and pumped hydro but also some gas.

Because to keep the system stable and reliable, we need some capacity that will mostly sit idle, getting used on only a few occasions. For that reason, the technologies should be relatively cheap to build and able to run for extended periods when wind and solar generation are abnormally low.

Gas-fired power – especially open cycle generators – meets that requirement. Pumped hydro and batteries do not.

The gas plants we keep in the grid will not often be used, and so will produce relatively low amounts of carbon dioxide.

Nuanced questions remain. What will it cost to keep a gas network operating to serve a fleet of gas generators that run only for a few days a year? Gas pipelines have to be kept pressurised, and the cost of running a gas extraction network for small demand may also be uneconomical.

Non-fossil options such as biogas, hydrogen or synthetically produced methane are possible longer term options. But they are also expensive. And new technologies – such as flow batteries, thermal energy storage and cryogenic energy storage – are on the horizon.

So, keeping some gas-fired generators on standby, and using them sparingly as needed, is a reasonable approach. It allows us to reduce emissions as much as possible, and keep our electricity system secure and affordable.

Roger Dargaville receives funding from the Woodside-Monash Energy Partnership, RACE for 2030 CRC, and he consults for industry and government bodies.

– ref. Yes, burning gas is bad for the climate. But keeping it in Australia’s energy mix is sensible – https://theconversation.com/yes-burning-gas-is-bad-for-the-climate-but-keeping-it-in-australias-energy-mix-is-sensible-241689

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI China: China-Greece wind power collaboration boosts renewable energy transition

Source: China State Council Information Office

Four wind farms nestled in the mountains of northern Greece have become prominent landmarks in the area. These wind farms are part of the Thrace Wind Power Project, led by China Energy Guohua Investment Europe Renewable Energy S.A..

Since commencing operations in 2019, the project has generated approximately 160 million kilowatt-hours of electricity annually, supplying power to more than 30,000 households in Greece.

Speaking ahead of the International Day of Clean Energy, the company’s deputy general manager, Wu Bate, told Xinhua that the Thrace Wind Power Project was launched following the signing of a Memorandum of Understanding between China and Greece under the Belt and Road Initiative in 2018.

As China’s first wind power investment in Greece, the project comprises four wind farms equipped with 34 turbines, with a total installed capacity of 78.2 megawatts.

“The project reduces carbon dioxide emissions by approximately 150,000 tons annually and saves 53,000 tons of standard coal, equivalent to planting 360,000 trees,” Wu said. “It has played a pivotal role in supporting Greece’s energy transition.”

In recent years, Greece has accelerated its shift toward renewable energy. According to the Greek government’s revised National Energy and Climate Plan, renewable energy is projected to account for 75 percent of electricity generation by 2030, increasing further to 95 percent by 2035. Data from the Hellenic Wind Energy Association shows that wind power contributed 23.5 percent of Greece’s total electricity generation in 2023.

“The cooperation between Greece and China on renewable energy has been remarkable,” said Konstantinos Loukidis, the company’s development manager.

“Developing renewable energy projects not only optimizes Greece’s energy mix and enhances energy independence, but also attracts investment, fosters innovation, creates jobs, and drives economic growth,” he added.

Currently, Chinese companies are actively participating in investment and construction in Greece’s renewable energy sector.

Wu Bate highlighted the significant potential for further cooperation between China and Greece in the renewable energy sector.

“In the future, both sides will build upon this platform to deepen collaboration in areas such as wind power and photovoltaics, achieving mutual benefits and win-win outcomes while injecting powerful momentum into the global green transition,” the deputy general manager said.

MIL OSI China News –

January 26, 2025
MIL-OSI Australia: RDAs focus on big challenges, big opportunities in Busselton
Source: Australian Ministers for Regional Development

This week, collaboration, networking and celebrations were in order as members from Regional Development Australia (RDA) committees nationwide met in Busselton for the 2024 RDA National Forum and inaugural Awards Dinner.

The inaugural awards celebrated strategies to drive economic growth and resilence in our regions, and acknowledged the significant contribution RDAs make to supporting local economies, places, people, and services.

As representatives for their local communities, RDAs collaborate with regional stakeholders to forge new opportunities and to help build a better future.

In a competitive field, four winners were crowned for initiatives and projects undertaken by their respective committees in the past 12 months:
- RDA Pilbara was the winner in the Investing in Industries and Local Economies category for the Pilbara Hydrogen Hub – delivering significant benefits by driving economic growth and diversification through large-scale renewable hydrogen production and export.
- RDA Tropical North was the winner in the Investing in Places category for their Tropical North Economic Development Strategy – this strategy will lead to sustainable growth, enhance economic diversity, and improve infrastructure through targeted investments.
- RDA Townsville and North West Queensland was the winner in the Investing in People category for their Coordinated Approach to Strategic Workforce Planning – a framework to build a resilient workforce for regional growth.
- RDA Loddon Mallee was the winner in the Investing in Services category for their Digital Summit – enhancing connectivity, fostering digital job creation and building capacity, ultimately driving economic growth and resilience in the region.
More than 150 members reconvened for the National Forum, collaborating on regional solutions and innovative ideas specific to this year’s theme of Big Challenges, Big Opportunities.

The forum hosted three panels focussing on areas critical to regional development: Innovation and Connectivity, Housing and Skills, and Net Zero and the Energy Transition.

Expert speakers provided insights and strategies to not only tackle issues, but turn them into opportunities for economic and skills growth in local comunities.

To view the full list of 2024 RDA Awards winners, runners-up and special commendations, visit: https://www.rda.gov.au/awards.

Quotes attributable to Minister for Regional Development and Local Government, Kristy McBain MP:

“Our regions are home to innovative and talented individuals that are committed to harnessing opportunities in their own backyard – with this year’s inaugural RDA Awards a real testament to this.

“From diversifying economies, to supporting industries with their transition to net zero – the expertise of RDAs is ensuring we continue to build a better future in our regions.

“They’re not doing this work for a pat on the back, but it’s important we take the time to celebrate their positive and proactive contribution to regional Australia – congratulations to this year’s award winners.”

MIL OSI News –
January 26, 2025
MIL-OSI Asia-Pac: SEE exchanges views on ecological conservation and various environmental issues with young people (with photos)

Source: Hong Kong Government special administrative region

SEE exchanges views on ecological conservation and various environmental issues with young people (with photos)
SEE exchanges views on ecological conservation and various environmental issues with young people (with photos)
******************************************************************************************

The Secretary for Environment and Ecology, Mr Tse Chin-wan, today (November 2) attended the Dialogue with the Secretary for Environment and Ecology session on the public day of the 19th Eco Expo Asia to exchange views on the beauty of Hong Kong’s ecology and various environmental matters with some 400 young people from various schools and uniformed groups. The event began with the screening of an extract of the documentary series “Enchanting China”, produced by the Environment and Ecology Bureau (EEB) and the Environmental Protection Department (EPD), in collaboration with the Center for Environmental Education and Communications of the Ministry of Ecology and Environment, as well as “Picturesque Bays of Hong Kong”, which is the first episode of the documentary series “Beautiful Hong Kong” produced by the EEB. The documentaries showcase the contributions and achievements made by the country and the Hong Kong Special Administrative Region Government in environmental protection and nature conservation. Through the “Picturesque Bays of Hong Kong” documentary, Mr Tse highlighted that Hong Kong is not only a highly developed city, but is also committed to conserving the natural environment. He said that Hong Kong has a total of 25 country parks, the latest of which is Robin’s Nest Country Park established this year. These country parks cover over 40 per cent of Hong Kong’s land area together with 22 special areas. Hong Kong also possesses a designated internationally important wetland under the Ramsar Convention and the Hong Kong UNESCO World Geopark, etc. This proportion surpasses many cities with economic developments similar to Hong Kong, making it an important asset. In terms of sea area, Hong Kong has a coastline of about 1 200 kilometres and a total sea area of more than 1 600 square kilometres. Although it only accounts for less than 1 per cent of the total sea area of the country, it has numerous beautiful bays and a quarter of the country’s marine species. Hong Kong is home to over 80 species of marine stony corals, more than the total sum in the entire Caribbean Sea. The bird species here exceed 580, accounting for about one-third of the country’s total. Mr Tse said, “I hope that through the ‘Picturesque Bays of Hong Kong’ documentary, we can learn about the beauty of the place where we live, explore and, more importantly, cherish the beauty of Hong Kong’s ecosystems and work together to help conserve nature.” Young people attending the event were very interested in various environmental topics, and many of them noted the increasing frequency of extreme weather and Hong Kong’s endeavours to achieve carbon neutrality by 2050 to combat climate change. Mr Tse said that carbon emissions in Hong Kong already peaked in 2014, and the current carbon emissions have been reduced by about a quarter from the peak. The per capita greenhouse gas emissions in Hong Kong are one-fourth of those in the United States and six-tenths of those in the European Union, showing that Hong Kong compares well with other regions in carbon reduction. Nevertheless, achieving carbon neutrality by 2050 is still a great challenge. The Government is leading Hong Kong towards carbon neutrality through a range of measures, such as accelerating green and low-carbon transformation, promoting green transport and cultivating the local practice of waste reduction and recycling, as well as developing new energy sources and green scientific research industries. Mr Tse said he hopes that through Eco Expo Asia, students can learn more about different environmental issues and integrate environmental concepts into their daily lives to practise low-carbon living, and lead Hong Kong towards a low-carbon future together. Apart from the Dialogue with the Secretary for Environment and Ecology session, speakers from the Hong Kong Observatory, the Electrical and Mechanical Services Department, the Civil Engineering and Development Department, the Agriculture, Fisheries and Conservation Department, the EPD, etc shared their environmental information and knowledge during the green seminars to raise public awareness of environmental protection. The last day of Eco Expo Asia is a public day, which is open to all free of charge. This year’s public day programme also includes guided tours, green workshops, a green market, green seminars and a free ride experience on a hydrogen fuel cell double-decker.

Ends/Saturday, November 2, 2024Issued at HKT 19:27

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MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI USA: American-Made Program Shines Light on Innovation at RE+

Source: US National Renewable Energy Laboratory

NREL Has a Major Presence at One of the Renewable Energy Industry’s Key Conferences

Photo from Corcino Productions

For 20 years, the RE+ conference has served as a gathering place for clean energy professionals who come together to engage and connect on ways to propel the industry forward. For the last five of those years, the U.S. Department of Energy’s (DOE’s) American-Made program has partnered with RE+ to become a key player at the conference, helping American-Made innovators bring their technologies closer to commercialization and showcasing easy-access opportunities for clean energy development funding.

The American-Made program, administered by the National Renewable Energy Laboratory’s (NREL’s) Joint Institute for Strategic Energy Analysis, incentivizes clean energy innovation through prize competitions, training, teaming, and mentoring. The program boasts a suite of more than 90 prizes seeking to advance technological development and capacity building across the country, many of which were represented at this year’s RE+ in Anaheim, California.

A Live Grand Finale

American-Made’s partnership with RE+ began in 2019 as a venue for Go! Demo Day, the culmination of the American-Made Solar Prize. The Solar Prize is a multimillion-dollar prize competition funded by DOE’s Solar Energy Technologies Office that energizes U.S. solar innovation through a series of contests that accelerate the entrepreneurial process from years to months. Now, the Solar Prize event has become a mainstay at RE+, which hosted more than 40,000 attendees and 1,300 exhibitors this year.

During this year’s Solar Prize Round 7 Go! Demo Day, competition finalists presented their pitches for innovative technologies that can advance solar adoption to conference attendees and a panel of industry experts. Fram Energy was selected as a grand prize winner for their solar adoption software solution, while Gritt Robotics won for their artificial intelligence solar installation robotics innovation. Two additional teams were awarded the Justice, Equity, Diversity, and Inclusion Prize for their innovations that address solar power accessibility and education.

“The Solar Prize was the prize that launched the American-Made program, and over seven rounds, it has generated revolutionary concepts that are kickstarting the solar industry,” American-Made Program Manager Debbie Brodt-Giles said. “Having the finale at RE+ each year really magnifies the reach of the prize and these competitors’ innovations. It’s the ideal place to share how American-Made is empowering everyday citizens to contribute to the clean energy transition.”

All 10 Solar Prize Round 7 finalists were allotted a booth at RE+ to showcase their technologies to conference attendees. Here, the EmpowerSun Solutions team—winner of the Justice, Equity, Diversity and Inclusion Prize—share their concept with Becca Jones-Albertus, director of DOE’s Solar Energy Technologies Office; Alejandro Moreno and Jeff Marootian, from DOE’s Office of Energy Efficiency and Renewable Energy; and David Crane, DOE’s Undersecretary for Infrastructure. Photo from Corcino Productions

Expanding Presence and Purpose

American-Made’s involvement at RE+ has grown beyond celebrating the Solar Prize to include other competition, network, and informational events to support past, current, and future prize competitors.

Perovskite Startup Prize winner Verde Technologies made use of their time at RE+ to share their lightweight, high-performance, and low-cost solar panels. Photo from Corcino Productions

“What’s helpful about being at a conference like RE+ is that it allows us to step out of the core technology that we’re developing and realize how it fits into the broader renewable energy transition and solar market,” said Skylar Bagdon, CEO of Verde Technologies, a past winner of the American-Made Perovskite Startup Prize. “Being here and seeing what the market really cares about helps us get out of the lab and get our technology out into the market where it will have an impact.”

The Fall 2024 EPIC Pitch Competition featured six cleantech startups vying for cash prizes for their innovative clean energy-related pitches, with three startups and one incubator winning more than $100,000 total in cash prizes from DOE’s Office of Technology Transitions, which funds the EPIC Pitch Competition.

DOE also announced several new prizes during the conference, including the Large Animal and Solar System Operations (LASSO) Prize, the Promoting Registration of Inverters and Modules with Ecolabel (PRIME) Prize, and the Community Power Accelerator Prize Round 3.

Labwide Impact at a Nationwide Event

In addition to those associated with the management of the American-Made program, NREL had robust representation at this year’s conference, with researchers from nine centers specializing in clean energy systems, technologies, deployment, and analysis. Researchers hosted tech talks at the conference, sharing NREL expertise in the areas of solar grid integration, equitable transition strategies, market analysis, and more.

NREL’s participation at the largest clean energy industry conference in North America allows the laboratory to share cutting-edge research and identify trends in the renewable energy industry, helping inform research needs and opportunities for partnerships.

“NREL’s leadership in the solar space continues to be well represented at RE+ with dozens of staff representing prizes and new innovative research that is integral to the industry’s success and rapid growth,” Solar Laboratory Program Manager Mary Werner said. “NREL staff coordinate prizes, present their research results, attend educational sessions, explore the extensive exhibit halls, host project booths, and help guide the development of educational sessions at RE+ to increase our impact on the market and identify new partners for future research projects.”

Learn more about the American-Made program, and subscribe to the American-Made Newsletter for updates on all future prize opportunities.

MIL OSI USA News –

January 26, 2025
MIL-OSI: Crown LNG Announces Execution of Final Agreements to Acquire Kakinada and Grangemouth LNG Import Terminal Assets

Source: GlobeNewswire (MIL-OSI)

LONDON, Nov. 01, 2024 (GLOBE NEWSWIRE) — Crown LNG Holdings Limited (Nasdaq: CGBS) (“Crown” or “Crown LNG”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, today announced the conclusion of two strategic acquisition agreements forming the basis of Crown LNG’s entry into the global LNG infrastructure network: KGLNG and Grangemouth. The KGLNG agreement finalizes the acquisition of all shares of KGLNG, which owns the operating license for the Company’s planned LNG import terminal in Kakinada, India. The Grangemouth agreement finalizes the acquisition of LNG import terminal assets in Grangemouth, Scotland from GBTron Lands Limited.

The Kakinada project, located on the East coast of India, is licensed to operate 365 days a year, a first for the harsh weather prone area. Imported gas from the planned terminal would reach demand centers via the East-West Pipeline, helping to support the Indian government’s drive to more than double the share of natural gas in the country’s energy mix to 15% by 2030.

Total consideration for the KGLNG acquisition will be made in shares of Crown LNG equal to $60 million.

The Grangemouth project, located on the East coast of Scotland, seeks to support the UK’s increasing drive for energy security post-Brexit and in the context of geopolitical impacts on energy markets. Currently, the UK relies on just three facilities for all of the country’s LNG imports, which increased 74% from 2021 to 2022.

Total consideration for the GBTron acquisition will be made in shares of Crown LNG equal to $25 million.

“We are excited and proud to announce the execution of these two transactions and move these two projects down the path,” said Swapan Kataria, Chief Executive Officer of Crown LNG. “With Crown LNG and our subsidiaries now firmly in control of the Kakinada and Grangemouth projects, we look forward to driving the success of these two transformative projects for both India and the UK.”

Crown remains dedicated to delivering exceptional LNG liquefaction and regasification terminal infrastructure solutions services that cater to the evolving needs of the under-served markets across the globe. As we focus on expanding our operations in Europe and South Asia, we continue to forge strategic partnerships and explore new opportunities to provide efficient and reliable solutions.

About Crown LNG Holdings Limited
Crown LNG is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based (“GBS”) liquefaction and floating storage regasification units, as well as associated green and blue hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit www.crownlng.com/investors for more information.

Forward-Looking Information and Statements

Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of Crown’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Crown. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Crown LNG Holdings Limited Contacts

Investors
Caldwell Bailey
ICR, Inc.
CrownLNGIR@icrinc.com

Media
Zach Gorin
ICR, Inc.
CrownLNGPR@icrinc.com

The MIL Network –

January 26, 2025
MIL-OSI Video: Investing in America: Western Winds of Change

Source: United States of America – Federal Government Departments (video statements)

Investing in America: The Power of Western Winds centers on Carbon County, Wyoming, a historic coal community that is building one of the largest wind farms and transmission systems in the United States. These projects will create over 1,500 jobs for union workers.

In June 2023, U.S. Secretary of Energy Jennifer Granholm and U.S. Secretary of the Interior Deb Haaland visited Carbon County to celebrate the groundbreaking of the TransWest Express Transmission Project, which will carry clean energy from the Chokecherry and Sierra Madre Wind Energy Project across the American West.

Western Winds of Change is the latest video in DOE’s new clean energy jobs series. It follows three more videos highlighting workers across the United States.

https://youtu.be/ihuMvTllqc8?si=UjI1dxBiiy5UAC1h

https://www.youtube.com/watch?v=fohncu9LQLY

MIL OSI Video –

January 26, 2025
MIL-OSI Asia-Pac: Novel experiment to explore the limits of quantum theory for arbitrarily massive objects

Source: Government of India

Posted On: 01 NOV 2024 3:43PM by PIB Delhi

Scientists have devised an experiment for testing the domain of validity of quantum theory for objects much more massive than the usual microphysical objects (atoms, molecules etc), beyond which the classical theory has to be necessarily used. This study can also help in developing high precision quantum sensors which are important tools in the cutting- edge quantum technologies.

The principles of Quantum Mechanics replacing that of Newtonian classical mechanics were developed nearly 100 years back. Yet, a number of quantum foundational issues remain problematic. For example, the boundary between the quantum mechanical microworld and the large scale macroscopic classical world of everyday objects obeying Newtonian Laws remains unspecified. The question–up to what level the quantum mechanical principles be valid for macroscopic objects– continues to be one of the most fundamental open questions in contemporary physics.

This question is also intimately related to another hotly pursued fundamental issue– testing whether gravity is quantum mechanical or not.

All the proposed laboratory-based schemes seeking to demonstrate the quantum mechanical nature of gravity crucially rest on assuming applicability of fundamental quantum principles for sufficiently massive objects.

However, the state –of- the- art demonstrations of quantum features have so far reached only up to macromolecules of masses ten thousand times the hydrogen atom. Hence, breakthrough ideas, feasible to be implemented experimentally in the near future, are the need of the hour in order to scale up the tests of macroscopic quantumness to ever more massive objects.

Prof. Dipankar Home from Bose Institute, Kolkata, an autonomous institute of the Department of Science and Technology (DST), in collaboration with D. Das, S. Bose (University College London) and H. Ulbricht (University of Southampton, UK) have addressed this challenge by formulating a novel procedure for demonstrating an observable signature of quantum behaviour for an oscillating object like pendulum having any large mass.

These scientists have found a novel way for detecting measurement induced disturbance for an arbitrarily massive quantum mechanical pendulum. They have formulated an implementable scheme based on using lasers to suspend a single nanocrystal of silica (a microscopic glass bead) as it oscillates around the focal point of a small parabolic mirror carved out of a block of aluminum housed in a vacuum chamber.

In a typical classical pendulum, the bead would move regularly from point A to point B and back again, unaffected by any observation. However, a quantum pendulum should behave very differently. Its position will change depending on whether or not someone is watching. If we were to detect at any instant where the pendulum bob was, there would be an immediate change of its future behavior. Such a disturbance is an unavoidable consequence of any measurement process involving quantum mechanical system. The scheme proposed by these scientists would enable detecting such measurement induced quantum disturbance for objects much more massive than usual microphysical objects.

Given the present state- of- the -art technology, this envisaged experiment could be realizable in the coming years for systems ranging from oscillating nano-objects (like that of a grain of dust, about trillion times heavier than hydrogen atom) to oscillating mirrors having effective mass of about 10 kg used for gravitational wave detection.

An experimental study has already been launched by one of the co-authors of this paper, Prof. H.Ulbricht and his group at University of Southampton, UK using optically levitated nano-diamonds about billion times heavier than hydrogen atom.

Thus, this work would pave the way for experiments providing the most emphatic demonstration of large scale quantumness and would open up the possibility for leveraging such macroscopic quantumness for practical applications, such as by developing high precision quantum sensors which are key ingredients in the emerging quantum technologies.

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MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

Source: Government of India (2)

Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

Shri Piyush Goyal co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud

Posted On: 01 NOV 2024 11:07AM by PIB Delhi

Union Minister of Commerce and Industry, Shri Piyush Goyal, successfully concluded his visit to the Kingdom of Saudi Arabia. During the visit, Shri Piyush Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global Governments and the industry. He highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment. He urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

Shri Piyush Goyal also co-chaired the 2^nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud on 30^th October 2024 in Riyadh. The Strategic Partnership Council was established in 2019, following the visit of the Hon’ble Prime Minister Shri Narendra Modi to the Kingdom of Saudi Arabia in October 2019.

The Committee reviewed the progress achieved by the four Joint Working Groups: Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure. They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.

The Minister held fruitful ministerial engagements in Riyadh, including with the Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment. These engagements focused on collaborative initiatives in trade, energy, and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries. The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.

Shri Piyush Goyal also met with Mr. Peter Herweck, CEO of Schneider Electric and Mr. William E. Ford, Chairman and CEO of General Atlantic, to discuss India’s economic landscape and investment opportunities across sectors.

In recent years, many bilateral agreements have been formalised between India and Saudi Arabia, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitization and electronic manufacturing. Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.

Later in the day, Minister Shri Piyush Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasized the role of chartered accountants in supporting India’s expanding global trade network. Discussions highlighted ICAI’s efforts to promote Indian standards globally, including initiatives to upskill professionals and bolster India’s position in global financial services.

The Minister launched the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a Big Diya made with LED, furthering India-Saudi cultural and economic ties. The Diwali Utsav, organised in partnership with Lulu Hypermarket, brings the festive spirit of India’s Festival of Lights to Saudi Arabia, showcasing an array of Indian products, from festive decor and traditional foods to handicrafts. The launch was followed by unveiling of a giant product wall comprising 10,000+ Indian products including Ghee from Uttarakhand, Ladakh Apple, Indian Cavendish banana, Dragon Fruit from Maharashtra, new range of Millets based breakfast cereals, and Qaadu Organic beauty products.

At the Indian Embassy in Riyadh, the Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India. The ODOP initiative, part of the Government of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products.

This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia. It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts. The outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries.

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MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Video: Clean Energy in Action: Touchdown for Clean Hydrogen

Source: United States of America – Federal Government Departments (video statements)

An installment in EERE’s Clean Energy in Action series, this video highlights how the Philadelphia Eagles became the first professional sports team in North America to make use of clean hydrogen that is produced on site. https://www.energy.gov/eere/articles/fuel-eagles-fuel

https://www.youtube.com/watch?v=VcZ_uj7F1xo

MIL OSI Video –

January 26, 2025
MIL-OSI USA: Gov. Kemp: SOLARCYCLE Accelerates Plans for Polk County Operation

Source: US State of Georgia

Atlanta, GA – Governor Brian P. Kemp today announced that SOLARCYCLE, an advanced technology-based solar recycling company, will accelerate its expansion into Polk County to meet increasing demand for solar panel recycling services. The company is investing an additional $62 million to increase its panel recycling capacity to 10 million solar panels per year and create 640 new full-time jobs.

“As Georgia continues to lead the nation in attracting jobs from emerging industries, we’re thankful SOLARCYCLE is moving up creation of these opportunities in northwest Georgia, benefitting that entire region’s economy,” said Governor Brian Kemp. “I want to thank our local and state partners who made this accelerated growth in Polk County possible, and I look forward to its impact in the years to come.”

The facility is located directly across the street from the company’s previously announced 1.1-million-square-foot solar glass factory that will employ an additional 617 people. The factory will use recycled materials from retired solar panels from the recycling facility to make five to six gigawatts worth of solar glass every year. The factory positions the company as one of the first manufacturers of specialized glass for crystalline-silicon (c-Si) photovoltaics in the U.S.

“We are pleased to accelerate our work in Cedartown in partnership with Governor Kemp and Polk County. In response to continued demand for solar recycling and domestic manufacturing, we will be able to scale operations and begin hiring sooner than originally planned,” said Suvi Sharma, CEO and Co-Founder at SOLARCYCLE. “We applaud Governor Kemp for his leadership supporting clean energy policy that has made it possible to scale solar manufacturing in the state, and bring good jobs and meaningful investment to local communities as a result. This is exactly what the future of American manufacturing looks like and SOLARCYCLE is proud to be at the helm.”

SOLARCYCLE has acquired an existing building at 270 North Park Boulevard in Cedartown, adjacent to the new facility under construction at Cedartown North Business Park, a Georgia Ready for Accelerated Development (GRAD) certified site. The existing 255,000-square-foot building will be renovated to house the company’s solar panel recycling operations.

The facility is move-in-ready and will be operational in the second half of 2025. SOLARCYCLE is hiring full-time jobs in manufacturing, engineering, management, research and design, and support staff. Open roles are available at www.solarcycle.us/careers.

“The decision by SOLARCYCLE to expedite their manufacturing process by refurbishing a currently vacant facility and creating additional employment opportunities is a true testament to their commitment as a long-term corporate sponsor in Cedartown-Polk County,” said Chris Thomas, President and CEO of Development Authority of Polk County. “This expansion not only underscores the confidence that businesses have in our community as a place to invest but also promises significant economic benefits. We are excited about the opportunities this expansion brings and remain dedicated to supporting SOLARCYCLE’s continued growth and success.”

Senior Regional Project Manager Lori Dowdy represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with the Development Authority of Polk County, Georgia Power, and Georgia Quick Start.

“SOLARCYCLE’s technology is important because it takes materials that would otherwise end up in a landfill and puts them back in the supply chain, effectively reducing our reliance on importing new materials,” said GDEcD Commissioner Pat Wilson. “Northwest Georgia has been a center of manufacturing in Georgia for decades – from providing the flooring we use in our homes and offices to now producing technology for clean energy to power those same buildings. We are excited that our partners and SOLARCYCLE were able to work together to bring the company’s recycling operations online earlier.”

Georgia is a Top Ten state for installed solar, ranking seventh by cumulative solar capacity, according to the Solar Energy Industries Association. Georgia’s energy solutions providers are helping to accelerate the development of renewable energy products by lowering risks, reducing costs, providing access to innovative industry research, and investing in a superior infrastructure network.

About SOLARCYCLE

SOLARCYCLE is a technology-driven platform designed to maximize solar sustainability by offering solar asset owners a low-cost, eco-friendly, comprehensive process for recycling retiring solar panels and technologies and repurposing them for new uses. The company’s proprietary technology allows it to extract 95% of the value from solar panels, such as silver, silicon, copper, and aluminum, and to recycle or repurpose panels for new uses. Experts in solar technology, recycling, and sustainability founded SOLARCYCLE in 2022 to accelerate the circular economy for solar and renewables. www.SOLARCYCLE.us.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Hickenlooper, Bennet, Neguse, Pettersen, Polis Announce $129 Million for Colorado Rail Projects

US Senate News:

Source: United States Senator John Hickenlooper – Colorado
Four Colorado projects awarded funding under the Consolidated Rail Infrastructure & Safety Improvements (CRISI) Grant Program
WASHINGTON – Today, U.S. Senators John Hickenlooper and Michael Bennet, U.S. Representatives Joe Neguse and Brittany Pettersen and Governor Jared Polis announced four Colorado rail projects will receive a total of $129.5 million in federal funds. The Colorado Department of Transportation (CDOT), Colorado State University Pueblo, San Luis Central Railroad Co., and OmniTRAX will all receive funding as part of the Consolidated Rail Infrastructure & Safety Improvements (CRISI) Grant Program. Earlier this year Hickenlooper, Bennet, Neguse and Pettersen urged the U.S. Department of Transportation to fund CDOT’s project along the Front Range. Hickenlooper also urged the department to fund the CSU Pueblo and OmniTRAX projects.
“From freight in the San Luis Valley to passengers on the Front Range and beyond with CSU Pueblo’s research, rail isn’t just a part of our past, it’s a big part of our future, too,” said Hickenlooper. “That’s the case we made to Secretary Buttigieg for this funding and this is just the start.”
“Colorado’s railways are vital to connect our communities and get resources to markets across the country. That’s why I ensured the U.S. Department of Transportation understood how critical this funding is for our state’s transportation infrastructure,” said Senator Michael Bennet. “I’m glad to have helped secure these investments in our railways’ safety, efficiency, and reliability across the state. ”
“After years of working to secure federal support for the Front Range Passenger Rail Project, I am excited to see the Department of Transportation heed our calls and commit to modernizing Colorado’s passenger rail system—not just for communities along the Front Range but for residents throughout the entire state. This is a once-in-a-generation investment in our passenger rail infrastructure, creating countless new opportunities for communities to connect, grow, and thrive—and we will continue to work together to ensure this momentum leads to lasting benefits for all Coloradans,” said U.S. House Assistant Minority Leader Joe Neguse.
“Today, I am incredibly grateful to see this federal funding coming to Colorado to strengthen our railway systems, enhance safety, and modernize our infrastructure,” said Representative Brittany Pettersen. “After a train derailment in Boulder injured workers and put our communities at risk, I supported funding to reinforce public safety and restore trust in Colorado’s rail infrastructure. I’m pleased to see these federal dollars coming to our state to help ensure we have safe, reliable infrastructure for generations to come.”
“Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail. This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, and our communities for their support of this important project,” said Governor Jared Polis.
“Thanks to a unified effort with Governor Polis’ leadership, Colorado can speed ahead with important safety and operational upgrades that will make passenger rail possible along the Front Range. Our partners in the Congressional delegation and in communities across the state have been constantly supportive of this work, and I want to especially thank the technical team at CDOT that has made so much progress behind the scenes to get Colorado ready for this opportunity. The Biden Administration has recognized Colorado’s seriousness and the quality of our work to develop passenger rail, and I want to add my appreciation to their support with this grant and the resources it brings to our work,” said CDOT Executive Director Shoshana Lew.
CRISI invests in railroad infrastructure projects that improve safety, support economic vitality, including through small businesses, create good-paying jobs with the free and fair choice to join a union, increase capacity and supply chain resilience, apply innovative technology, and explicitly address climate change, gender equity, and racial equity. For more information on CRISI, click HERE.
Full details on the projects receiving funding are below:
Recipient
Project Title
Project Description
Amount Awarded
Colorado Department of Transportation
Modernizing Rail on the Front Range: PTC Installation, Siding, & Grade Crossing Safety and Operational Improvements
This project will design, install, and test positive train control with a complementary siding on a portion of the Front Range Subdivision, along with several railroad crossings that could benefit from operational and safety improvements.
$66,400,000
OmniTRAX Holdings Combined, Inc.
Transportation Investments for Employment and Safety, Phase 2
The proposed project involves final design and construction activities to replace railroad ties on four OmniTRAX-owned short lines across four states – Alabama, Colorado, Georgia, and Washington.
$50,570,400
Colorado State University Pueblo
Safety Assessment, Testing and Workforce Development for Hydrogen/Natural Gas Motive Power
The proposed project involves research and development for studying green hydrogen and renewable natural gas-powered rail vehicles. The project aims to conduct safety experiments on the use of CH2/CNG-powered rail cars at the TTC facility.
$11,671,781
The San Luis Central Railroad Co.
The San Luis Central Railroad Reconstruction Project: Ansel North
The SLC corridor was built in 1913 with untreated wooden ties. The project will replace 6,000 deteriorated cross and 126 switch ties between mile posts 10.1 and 15.2.
$1,077,000
“Southern Colorado often represents a hard-working spirit leveraging the opportunity of innovation. This Department of Transportation CRISI grant emboldens that spirit, enabling CSU Pueblo, in partnership with the Southern Colorado Transportation Technology Center (SCITT), to contribute to the future of rail transportation through critical safety research in hydrogen and natural gas technologies. I am particularly proud of how this project will partner with our Engineering program at CSU Pueblo, utilizing the expertise here to create new pathways for our students and local workforce. This grant is more than research – it’s a valuable investment into Southern Colorado,” said CSU Pueblo President Armando Valdez.
“TIES2 will be transformative for the communities served by Great Western Railway of Colorado and the regions served by OmniTRAX railroads in Georgia, Alabama, and Washington state,” said David Arganbright, OmniTRAX Senior Vice President. “OmniTRAX is proud to call Colorado home, and we are tremendously appreciative of all the work that Sen. Hickenlooper has done in Congress to champion Colorado’s railways and deliver the critical infrastructure investments that make strengthen our nation’s supply chains.”
“The team at CXSL is very excited for this great news and look forward to getting to work on the improvements as soon as possible. The grant will assist in providing the much needed improvements to improve rail service to our customers and greatly reduce our risk for incidents due to track conditions,” said Timothy Bivens, General Manager of Colorado Pacific San Luis Railroad.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Witch Nebula Casts Starry Spell

Source: NASA

This 2013 image taken by NASA’s Wide-Field Infrared Survey Explorer, or WISE, captures a nebula that looks like a witch screaming. Perhaps that imagined scream is a creation spell, for the Witch Hat nebula’s billowy clouds are a star nursery. We can see these clouds thanks to massive stars lighting them up; dust in the cloud is being hit with starlight, causing it to glow with infrared light, which was picked up by WISE’s detectors.
WISE launched to near-Earth orbit on Dec. 14, 2009, and surveyed the full sky in four infrared wavelength bands until the frozen hydrogen cooling the telescope was depleted in September 2010. The spacecraft was placed into hibernation in February 2011, having completed its primary astrophysics mission.
In late 2013, the spacecraft was resurrected – no incantation needed – when NASA’s Planetary Science Division gave it a new mission and a new name: NEOWISE. The spacecraft began helping NASA identify and describe near-Earth objects (NEOs). NEOs are comets and asteroids that have been nudged into orbits that allow them to enter Earth’s neighborhood. NEOWISE was decommissioned Aug. 8, 2024, and placed into hibernation for the last time, ending its career as an active asteroid hunter.
Image credit: NASA/JPL-Caltech

MIL OSI USA News –

January 25, 2025
MIL-OSI Economics: Per Jacobsson Lecture 2024 — Ngozi Okonjo-Iweala: “Delivering on new global challenges: How can we keep multilateral coherence whilst re-imagining the multilateral trading system?”

Source: WTO

Headline: Per Jacobsson Lecture 2024 — Ngozi Okonjo-Iweala: “Delivering on new global challenges: How can we keep multilateral coherence whilst re-imagining the multilateral trading system?”

Excellencies, Dear Raghu, Minouche, Maury, ladies and gentlemen, friends,
Thank you. What an honor to follow in the footsteps of previous Per Jacobsson lecturers – all the more so in this 80th anniversary year of the Bretton Woods Conference.
We are living in troubled times – something Per Jacobsson knew well. So far as trade is concerned, the times are not only troubled, they are tense. Trade is sometimes blamed and scapegoated for poor outcomes that really derive from macroeconomic, technology, or social policy, for which trade is not responsible.
Trade policies and tools are being deployed not just to solve trade-related problems, but also to try to address security and geopolitical concerns.
As unilateral measures or threats thereof become increasingly widespread, trade policy has been getting more restrictive. In recent months, the US, the EU, Turkey, and Canada have introduced new tariffs and countervailing duties on Chinese electric vehicles and other products, including steel. China has countered with WTO disputes and measures against EU products such as dairy, pork, and brandy.
These are among the over 130 new trade-restricting measures recorded by the WTO Secretariat since the start of this year. This number represents an 8% increase to the stockpile of over 1600 restrictive measures introduced between 2009 and 2023, which as of last year were already affecting over 10% of world goods trade. In addition, WTO members initiated 210 trade remedy investigations in the first half of 2024 – nearly as many as in all of 2023. While not all will culminate in the imposition of duties, investigations have a well-documented chilling effect on trade. And I haven’t even mentioned subsidies yet.
Frictions are manifesting as trade disputes. Six of the eight WTO disputes initiated this year deal with green technologies, particularly electric vehicles.
I hope we are not on a path that leads back to the sort of economic disorder that came before Bretton Woods – disorder that was followed by political extremism and war.
It was precisely to avoid a repeat of such circumstances that the multilateral economic institutions were created. My concern today is that we have forgotten this lesson – that we have forgotten the good these institutions have done.
Walking away from the legacy of Bretton Woods, including the trading system, would diminish the world’s ability – collectively and at the national level – to respond to problems affecting people’s lives and opportunities.
I will argue that there is a better path forward: re-imagining the global trading system and the rest of the multilateral economic architecture to help us meet the technological, environmental, social and geopolitical challenges of our time. To succeed, its various components must work in concert – an idea we have come to call ‘coherence’.
In the 1940s, the overall thrust of coherence was that trade, reconstruction financing, and monetary policymaking need to be in harmony with each other, and anchored in institutions and rules across countries, to promote growth, prosperity, and peace.
Today, delivering lasting improvements to people’s lives and livelihoods requires us to solve problems of the global commons.
The notion of coherence across different policy areas would have made sense to Per Jacobsson. His convictions about sound money, and its importance for durable growth and recovery, were shaped by his own experiences. As a young man he saw the collapse of global economic integration amid the First World War. From his position at the League of Nations in the 1920s, he witnessed the failed attempts by leading economies to establish effective international coordination on global finance and trade – a memory that echoes uncomfortably today.
We know what happened when the downturn came at the end of the decade. Vicious circles emerged: of falling output, deflation, banking and financial crises, trade protectionism and retaliation, and exchange rate chaos. Countries retreated into increasingly isolated economic blocs.
The experience of those years was seared into the consciousness of the officials who gathered in Bretton Woods in July 1944. US Treasury Secretary Henry Morgenthau opened the conference by looking back at what he called “the great economic tragedy of our time.” I quote “We saw currency disorders develop and spread from land to land, destroying the basis for international trade and international investment and even international faith. In their wake, we saw unemployment and wretchedness — idle tools, wasted wealth. We saw their victims fall prey, in places, to demagogues and dictators. We saw bewilderment and bitterness become the breeders of fascism and, finally, of war.”
What Bretton Woods delivered
The genius of Bretton Woods was that it turned the vicious circles of the 1930s into virtuous ones, by recognizing that macro-financial stability, reconstruction and development, and trade went hand-in-hand.
Instead of beggar-thy-neighbor policies, countries would treat trade, monetary issues, and even domestic macro-economic policies as matters of common interest.
Instead of excessively rigid or chaotically fluctuating currencies, there would be orderly, rules-based management of exchange rates and balance of payments problems.
Instead of underinvestment, there would be long-term financing for reconstruction and expanding productive capacity.
Instead of quantitative restrictions, prohibitive tariffs, and bilateral clearing, there would be a coordinated lowering of trade barriers, and freedom to undertake international payments and current account transactions.
The idea of coherence across policy fields, with trade as a unifying theme, was baked into the system from day one. Promoting the “balanced growth of international trade” is written into the founding mandates of both the IMF and the World Bank – not as an end in itself, but as a means to higher employment, productivity, and incomes.
The trade leg of the stool, alongside the Bank and the IMF, was supposed to be the International Trade Organization, but it ran aground in the US Congress. A parallel negotiating process in 1947 produced the General Agreement on Tariffs and Trade, which was nominally temporary and did not require Congressional ratification. Successive rounds of GATT negotiations substantially reduced barriers to trade. The growing number of “contracting parties” used the GATT to resolve and avoid trade disputes. By the 1960s, global trade was growing faster than output.
The decades that followed Bretton Woods and the Marshall Plan delivered a breathtaking recovery from the devastation of the Second World War.
Strong growth in the 1950s and 1960s saw per capita incomes in Western Europe and Japan begin to converge with those in the United States.
Major European currencies achieved full convertibility in 1958, when Per Jacobsson was leading the IMF.
These gains, however, were largely confined to industrialized countries.
Most newly independent developing countries continued to lose ground in relative terms, as they struggled with declining terms of trade for their commodities.
But a handful of poor economies in East Asia started trying to use increasingly open external markets to pursue export-led development.
Discordance and reinvention: the 1970s and 1980s
Coherence gave way to discordance in the 1970s, with the oil shocks, stagflation, the advent of floating exchange rates, and a wave of emerging market debt crises.
By the mid-1980s, the success of the so-called Asian tigers had become a compelling example, inspiring many developing country governments to pivot from inward-oriented to export-oriented development strategies.
At the international level, growing frustration with ad hoc protectionism and “à la carte” approaches to GATT strictures created demand for more rules-based trade cooperation.
The Uruguay Round negotiations from 1986 to 1994 broadened the reach of multilateral trade rules to cover services and intellectual property, filled longstanding gaps with respect to agriculture and textiles, and unwound much of the protectionism that had emerged in the preceding years.
The nominally provisional GATT was transformed into the World Trade Organization, with a binding dispute resolution mechanism that enhanced the predictability offered by its expanded rulebook.
The preamble to the Marrakesh Agreement establishing the WTO opened up new vistas for the organization, defining its purpose as using trade not just to raise living standards and create jobs but to advance sustainable development – thus introducing environmental concerns that were absent in the 1940s.
1990 to 2020: A “golden period of economic development”, but clouds on the horizon
The Uruguay Round and the end of the Cold War would mark a second era of coherence and virtuous circles across the trading system, the World Bank, and the IMF. And this time, the benefits were spread much more widely across countries and people.
The WTO became an anchor for outward-oriented economic reforms in many emerging markets and developing economies.
Increasingly open and predictable trade became a stronger driver of development, productivity, specialization and scale.
Better macro-financial policies bolstered growth – and trade performance – in many emerging markets and developing countries. So did improved human capital and physical infrastructure.
Trade and modern supply chains became powerful sources of disinflationary pressures.
Market-oriented reforms in China, Eastern Europe, India and other developing economies brought them into the increasingly global division of labor. Trade boomed, incomes rose, and poverty plummeted.
Between 1995 and 2022, as low- and middle-income economies nearly doubled their share in global exports from 16 to 32%, the share of their populations subsisting on less than US$2.15 per day fell from 40% to under 11%. Over 1.5 billion people were lifted out of extreme poverty.
Since 1995, per capita incomes in low- and middle-income countries have nearly tripled, and global per capita income increased by approximately 65 percent.
For the first time since the industrial revolution two centuries earlier, per capita incomes in rich and poor countries began to converge.
Gains for poor countries did not come at the expense of rich ones. Examining the United States since 1950, researchers at the Peterson Institute for International Economics (PIIE) have shown that international trade boosted the economy by the equivalent of $2.6 trillion in 2022, or about 10% of GDP. The gains from trade would be even larger for small, open advanced economies.
In a Foreign Affairs piece this year, Dev Patel, Justin Sandefur, and Arvind Subramanian called the years between 1990 and the start of COVID-19 pandemic in 2020, I quote, “history’s most golden period of economic development”. They argue that the rapid increase in trading opportunities was “perhaps the most important enabler” of convergence.
Research from our new World Trade Report backs them up: the pace of income convergence of low- and middle-income economies is strikingly correlated with their participation in global trade, as measured by a size-adjusted ratio of trade to GDP. Our simulations suggest falling trade costs account for as much as one-third of the convergence.
To be clear, the period was not golden for everyone. Developing countries with lower trade participation or greater commodity-dependence – mostly in Africa, Latin America and the Caribbean, and the Middle East – lagged on convergence. And in some rich countries, many people felt left behind, and their frustration started to fuel a political backlash against trade.
Multilateral rule-making on trade began to falter, with the failure of the Doha Round of WTO negotiations.
Nevertheless, in 2008 and 2009, when the world economy faced its worst financial crisis since the 1930s, the system worked.
International markets stayed broadly open. The rules and norms of the multilateral trading system helped governments contain protectionist pressures.
Alongside fiscal and monetary support, trade was a powerful shock absorber. Crisis-hit countries could rely on predictable market access elsewhere to absorb their excess supply, preventing growth and development from getting derailed.
The WTO, the World Bank, and the IMF also worked together productively on the macro-micro policy nexus.
For instance, when trade finance dried up during the credit crunch, despite being extremely low-risk, the three institutions joined hands to encourage G20 members and international financial institutions to step in with a $250 billion support package.
Since the financial crisis, the multilateral trading system, with the WTO at its core, has continued to deliver economic benefits, despite rising geopolitical tensions and tariffs between the US and China, the disabling of the Appellate Body, and the failure to reach agreements in long-running negotiations such as those on agriculture. Global trade kept reaching new highs through the 2010s, and over 75% of global goods trade continued – and continues today – to operate on core WTO tariff terms.
When COVID-19 hit in 2020, the norms and rules of the multilateral trading system mostly did their job again. Trust in trade was damaged by initial missteps, as governments enacted export restrictions on medical supplies and vaccines. But governments generally refrained from widespread protectionism, allowing food and other essentials to flow across borders to where they were needed. Goods trade rebounded strongly from the lockdowns and was soon setting new records. Cross-border supply chains churned out products needed to fight the pandemic, from face masks to vaccines. Trade in digitally-delivered services boomed, propelled by the same technologies that allowed so many of us to work from home.
Goods and especially services trade are now well above pre-COVID levels. Last year, global trade was worth a near-record $30.5 trillion, in a $105-trillion world economy.
Re-imagining the Multilateral Trading System with coherence
As we saw at the outset, however, these successes did not forestall the challenges we now face in global trade. While trade has been largely resilient, signs of fragmentation are now visible.
So it’s not difficult to imagine a return of vicious circles – trade restrictions, efficiency losses, slower growth, higher prices, costs imposed by extreme weather and food insecurity, and public frustration and anger.
Allowing the vicious circles to take hold and the world to fragment into isolated trading blocs would be costly. The WTO has estimated longer term global GDP losses in the order of 5% were the world to fragment into two like-minded trading blocs. IMF estimates are in the order 7%. We cannot afford this!
And that is why we need to re-imagine the multilateral trading system to solve modern challenges and address modern vulnerabilities.
This means re-imagining coherence as well. Trade alone was insufficient in 1944, and trade alone is insufficient to build the more secure, sustainable, and inclusive world we want today. The way forward for trade will increasingly be about “WTO and” – trade in tandem with other issues, and policies that support the original vision of coherence and do not misuse trade tools, for coercion, as a weapon, or to undermine competition.
Our unfinished business from 1944 was elegantly illustrated by a recent blog post from IMF chief economist Pierre-Olivier Gourinchas and his team.
They showed that China’s growing and contentious trade surplus, and the US’s widening trade deficit, are the result of domestic macro-economic forces, rather than the product of trade and industrial policies.
“Homegrown surpluses and deficits call for homegrown solutions,” they argued, suggesting demand-boosting measures in China and fiscal consolidation in the US.
As for concerns over industrial policy, they said the right response was to strengthen WTO rules, not to restrict trade.
They cited the WTO’s recent China Trade Policy Review which showed new data of billions of dollars in subsidies going to manufacturing. Urging China to be more transparent about its subsidies.
The blog shows the coherence mandate in action but it also illustrates how even today, the global trading system is paying a price for shortcomings of macro-economic policy.
As Sylvia Ostry, one of my predecessors at this podium, said in 1987, “Trade policy is no substitute for macro policy.”
Let’s now turn to the new trade agenda, and look at three areas where future prospects for people and the planet require trade to be re-imagined, and complemented by other policy levers pulling in the same direction.
First, the environmental agenda, above all climate change and getting to net zero by mid-century.
Trade is indispensable to deploy low-carbon technologies globally. Trade lets countries share the burden of developing new green tech. Scale economies and competitive pressures associated with trade help drive down unit costs, making it possible for renewables to undercut fossil fuel energy.
Trade also allows us to leverage ‘green comparative advantage’, a concept that our chief economist, Ralph Ossa, has done much to advance. The idea is straightforward: just as individuals and countries can reap economic gains by specializing in what they are relatively good at, the world can reap environmental gains if countries specialize in what they are relatively green at.
If countries with abundant clean energy can produce more energy-intensive goods and services, while importing energy-light products from places where clean energy is scarce, and vice versa, global emissions fall much more than they would have absent that trade. And in fact research from the University of Zurich suggests that as much as one-third of global emissions reductions could come from this kind of specialization linked to green comparative advantage.
As Ricardo Hausmann at Harvard has observed, fossil fuels are cheap to transport, but wind and solar energy are not. This makes parts of Africa, Central Asia, and Latin America with high green energy potential attractive destinations for investment in energy-intensive industries, including the production of green hydrogen.
Global cooperation on internalizing carbon costs would incentivize greener sourcing everywhere. Nevertheless, we are already seeing moves in the right direction as in Kenya, which has attracted a billion-dollar investment to build a geothermal-powered low-carbon data center.
Parenthetically, a similar dynamic exists for water, provided it is valued correctly. A recent report of the Global Commission on the Economics of Water, which I co-chair, shows that with trade one can also promote the notion of a hydrological comparative advantage. Trade can help mitigate water scarcity by allowing countries with abundant hydrological resources to specialize in producing water-intensive products for export to water-scarce nations. Such virtual water trade offers agricultural export opportunities, for example, to those regions including countries in Africa with under-utilized ground water resources and land.
But just as environmental policy coordination could accelerate climate action, policy fragmentation could weaken it. There is a genuine risk that trade frictions associated with carbon pricing, green subsidies, and other climate policies will escalate into trade restrictions and retaliation, harming emissions reduction as well as trade.
We should seek to pre-empt such frictions and disputes by establishing shared frameworks for trade and climate policy. The goal would be to maximize emissions reduction and green innovation, while minimizing negative spillovers, trade tensions, and wasted public resources on subsidy races that most countries may not even afford to participate in.
To this end, the WTO Secretariat is coordinating a carbon pricing task force comprised of the IMF, World Bank, OECD, UNCTAD, and UNFCCC, where we are working to develop shared carbon metrics and ultimately a global carbon pricing framework against which we can benchmark national policies to aid interoperability of approaches. We have also joined hands with the IMF, the OECD, and the World Bank to explore approaches to enhance greater transparency with respect to subsidies. And we are working with the steel industry to help them promote interoperability in decarbonization standards, reducing transaction costs and facilitating trade and investment in green steel.
Reforming the over $1.2 trillion in direct global annual fossil fuel subsidies, the $630 billion in trade-distorting agricultural support, and the $22 billion in harmful fisheries subsidies (which the WTO Fisheries Subsidies Agreement is delivering) should be a no-brainer. Some of the resources freed up could be repurposed to support green innovation and a just transition for poor countries.
The second set of opportunities for the Multilateral Trading System deals with diversifying and decentralizing supply chains – and doing so in a manner that brings in countries and communities that remain on the margins of the global division of labor.
More diversified global production networks would enhance supply security in an increasingly shock-prone world, while extending the benefits of trade to places and people that have not shared adequately in them. Greater diversification would also help lower the geopolitical temperature around supply chain relationships, by making them harder for any single country to weaponize.
As the pandemic and the war in Ukraine made abundantly clear, overconcentration makes supply chains vulnerable in a crisis.
The advent of COVID-19, concentrated minds on the fact that 80% of world vaccine exports came from only ten countries. This meant export restrictions in a few of them severely disrupted global access to vaccines – especially to Africa, which relied on imports for 99% of its jabs.
Decentralizing value chains and building up pharmaceutical production capacity in Africa and other developing country regions for instance would make the global supply base more resilient in the event of future pandemics, whilst more closely integrating these regions in to world trade, and making them part of a more prosperous and healthy world.
Critical minerals is another sector where there are major opportunities to mitigate concerns about overconcentration in mining and especially processing, while stimulating growth in developing countries.
Exports of minerals critical for the low-carbon transition, like lithium, cobalt, nickel, and rare earths, have grown rapidly to reach USD 320 billion in value in 2022, and are set to increase much more in the years ahead. Africa, for example, represents 40% of estimated global reserves of cobalt, manganese, and platinum; and 12% of world exports of critical minerals, but only 3.8% of exports of processed minerals.
By investing in processing these minerals within the regions including in Central Asia and Latin America where they are found, we can promote value addition and job creation while removing supply bottlenecks that currently threaten to hold back the low-carbon transition.
Furthermore, to the extent that this process is powered by green hydrogen and other kinds of clean energy, it would harness the green comparative advantage I mentioned earlier and thereby help the developing regions increase their share in world trade.
It would be green growth and green trade – the ‘re-globalization’ we want.
Finally, there are areas where cross-border commerce is flourishing, but where new rules are necessary to foster predictability and lower barriers to entry for smaller businesses and developing economies.
The fastest growing segment of international trade is in services delivered across borders via computer networks. Trade in digitally-delivered services – everything from streaming video to remote consulting – has quadrupled since 2005, reaching $4.25 trillion in value last year. These services have become an increasingly important driver of growth and job creation.
The commercialization of artificial intelligence promises to further accelerate digital trade. A forthcoming WTO report describes how AI could reduce trade and transaction costs, improve supply chain logistics, and shift countries’ comparative advantages.
I always say the future of trade is digital, but the future of protectionism could be as well. Imports of digital services could become as contentious as manufactured imports have, or more so – inviting digital barriers that are even simpler to put in place than their counterparts for trade in physical goods.
Putting in place some basic rules for digital trade would reduce the risks of such reversals. The 90-odd members participating in plurilateral e-commerce negotiations at the WTO are now looking to conclude a first phase agreement on a series of practical measures to facilitate digital trade, from common rules for e-signatures and payments, to paperless trading, and consumer protection. Tougher issues like cross-border data flows – a critical element in AI – will be dealt with in a second phase of negotiations.
Delivering on this agenda for the future will involve strengthening all of the WTO’s functions: monitoring and transparency, negotiations, and dispute settlement.
With respect to our dispute settlement system, we are working to reform it. The reform process has wide buy-in, and talks are advancing, including on issues like appeal review and accessibility to ensure that developing countries can use the system. There are delicate issues here around how national security exceptions will be handled – it is going to take work!
We will need to negotiate and implement new rules in important areas like the environment. Some members are showing the way: New Zealand, Costa Rica, Switzerland, and Iceland recently agreed to liberalize trade in a list of hundreds of environmental goods, and they are trying to get others to join.
We are working on getting an Agreement on Investment Facilitation for Development, negotiated by three-quarters of our membership, into the WTO rulebook. This agreement will help developing economies attract FDI by simplifying investment-related procedures and sweeping away red tape.
We will also need to review existing rules to make them fit for purpose. Instead of members doing an end run around our Agreement on Subsidies and Countervailing Measures to introduce industrial policies, it would be better to update that agreement. It actually dates back to 1994 – seven years before China joined the WTO, [a time when climate concerns were barely on the radar screen, and the conventional wisdom was that state-owned enterprises were a fading relic of a bygone era]. Members could decide to create space for subsidizing the green transition. Shared ground rules would help minimize negative spillovers and related trade tensions, while maximizing efficiency in the use of public resources.
Excellencies, ladies, and gentlemen. Let me now conclude.
As I said at the start, these are tense times for trade. There are political dynamics outside our control. But we can treat the challenges we face as opportunities to re-imagine the global trading system.
We can build global resilience whilst making the system more supportive of inclusive growth and environmental sustainability.
We can make existing trade rules more fit for purpose rather than go around or against them and we can make new rules fit for the time.
We can help developing countries left behind by the recent wave of global economic integration.
We can have interdependence without overdependence.
While nothing is ever easy at the WTO, we are moving in the right direction. We will manage what we can manage. Control what we can control. But we will need your help.
Over the past eight decades, the multilateral economic architecture, including the trading system, has delivered a great deal for the world. We have reinvented it before. We can do so again, for people and planet.
Nelson Mandela once wrote that “after climbing a great hill, one only finds that there are many more hills to climb.” I ask you, let’s climb these hills together.
Thank you.

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MIL OSI Economics –

January 25, 2025
MIL-OSI USA: Hirono Welcomes $59 Million in Federal Funding for Honolulu Harbor

US Senate News:

Source: United States Senator for Hawaii Mazie K. Hirono

WASHINGTON, DC – Today, U.S. Senator Mazie K. Hirono released the following statement celebrating the announcement of more than $56 million in federal funding to modernize Honolulu Harbor and reduce greenhouse gas emissions at the port along with $2.5 million to develop strategies to improve air quality at ports around the state, developed in consultation with communities living near the ports. The funding comes from the U.S. Environmental Protection Agency’s (EPA) Clean Ports Program, funded through the Inflation Reduction Act that Senator Hirono helped pass into law.

“Honolulu Harbor is essential to the delivery of food, medicine, and other goods people rely on not only on Oahu, but across Hawaii,” said Senator Hirono. “The investments in hydrogen-powered cargo tractors and a hydrogen fueling station will help the port operate more efficiently while decreasing carbon emissions and other pollution that affects surrounding communities. The funding will also support the development of plans to improve air quality at ports and surrounding communities throughout our state. I’m proud to have supported the Inflation Reduction Act, which made this investment possible, and I’ll continue working to secure federal funds for projects that strengthen communities across our islands.”

More information on the projects being funded is available here.

MIL OSI USA News –

January 25, 2025

MIL-OSI: SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
3rd QUARTER 2024 UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
4,291	3,517	7,044	+22	Income/(loss) attributable to Shell plc shareholders		15,166	18,887	-20
6,028	6,293	6,224	-4	Adjusted Earnings	A	20,055	20,944	-4
16,005	16,806	16,336	-5	Adjusted EBITDA	A	51,523	52,204	-1
14,684	13,508	12,332	+9	Cash flow from operating activities		41,522	41,622	—
(3,857)	(3,338)	(4,827)		Cash flow from investing activities		(10,723)	(12,080)
10,827	10,170	7,505		Free cash flow	G	30,799	29,542
4,950	4,719	5,649		Cash capital expenditure	C	14,161	17,280
9,570	8,950	10,097	+7	Operating expenses	F	27,517	29,062	-5
8,864	8,651	9,735	+2	Underlying operating expenses	F	26,569	28,635	-7
12.8%	12.8%	13.9%		ROACE2	D	12.8%	13.9%
76,613	75,468	82,147		Total debt	E	76,613	82,147
35,234	38,314	40,470		Net debt	E	35,234	40,470
15.7%	17.0%	17.3%		Gearing	E	15.7%	17.3%
2,801	2,817	2,706	-1	Oil and gas production available for sale (thousand boe/d)		2,843	2,779	+2
0.69	0.55	1.06	+25	Basic earnings per share ($)		2.39	2.78	-14
0.96	0.99	0.93	-3	Adjusted Earnings per share ($)	B	3.16	3.08	+3
0.3440	0.3440	0.3310	—	Dividend per share ($)		1.0320	0.9495	+9

1.Q3 on Q2 change

2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 billion.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.5 billion.

Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

Nine Months Analysis1

Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

3.Not incorporated by reference.

THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

Integrated Gas

In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

Upstream

In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Marketing

In July 2024, we announced that we are temporarily pausing on-site construction work at our 820,000 tonnes a year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to address project delivery and ensure future competitiveness given current market conditions.

Renewables and Energy Solutions

In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2025.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
2,631	2,454	2,156	+7	Segment earnings		7,846	5,325	+47
(240)	(220)	(375)		Of which: Identified items	A	(1,379)	(4,625)
2,871	2,675	2,531	+7	Adjusted Earnings	A	9,225	9,951	-7
5,234	5,039	4,874	+4	Adjusted EBITDA	A	16,410	17,189	-5
3,623	4,183	4,009	-13	Cash flow from operating activities	A	12,518	13,923	-10
1,236	1,151	1,099		Cash capital expenditure	C	3,429	3,000
136	137	122	-1	Liquids production available for sale (thousand b/d)		137	134	+2
4,669	4,885	4,517	-4	Natural gas production available for sale (million scf/d)		4,835	4,744	+2
941	980	900	-4	Total production available for sale (thousand boe/d)		971	952	+2
7.50	6.95	6.88	+8	LNG liquefaction volumes (million tonnes)		22.03	21.23	+4
17.04	16.41	16.01	+4	LNG sales volumes (million tonnes)		50.32	49.01	+3

1.Q3 on Q2 change

Integrated Gas 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 and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected higher LNG liquefaction volumes (increase of $237 million).

Third quarter 2024 segment earnings also included unfavourable movements of $213 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $814 million, net cash outflows related to derivatives of $373 million and working capital outflows of $247 million.

Total oil and gas production, compared with the second quarter 2024, decreased by 4% mainly due to production-sharing contract effects, and higher maintenance in Trinidad and Tobago. LNG liquefaction volumes increased by 8% mainly due to higher feedgas supply in Nigeria, and Trinidad and Tobago.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,787 million), partly offset by higher volumes (increase of $513 million), lower operating expenses (decrease of $171 million), and favourable deferred tax movements ($168 million).

First nine months 2024 segment earnings also included unfavourable movements of $1,198 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the first nine months 2023 which included unfavourable movements of $2,821 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% mainly due to lower unplanned maintenance in Australia.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



UPSTREAM
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
2,289	2,179	1,999	+5	Segment earnings		6,741	6,388	+6
(153)	(157)	(238)		Of which: Identified items	A	28	(357)
2,443	2,336	2,237	+5	Adjusted Earnings	A	6,712	6,746	—
7,871	7,829	7,433	+1	Adjusted EBITDA	A	23,588	22,750	+4
5,268	5,739	5,336	-8	Cash flow from operating activities	A	16,734	15,663	+7
1,974	1,829	2,007		Cash capital expenditure	C	5,813	5,906
1,321	1,297	1,311	+2	Liquids production available for sale (thousand b/d)		1,316	1,313	—
2,844	2,818	2,564	+1	Natural gas production available for sale (million scf/d)		2,933	2,687	+9
1,811	1,783	1,753	+2	Total production available for sale (thousand boe/d)		1,822	1,776	+3

1.Q3 on Q2 change

The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,074 million.

Total production, compared with the second quarter 2024, increased mainly due to new oil production.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



MARKETING
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
760	257	629	+196	Segment earnings2		1,791	2,832	-37
(422)	(825)	(12)		Of which: Identified items2	A	(1,255)	314
1,182	1,082	641	+9	Adjusted Earnings2	A	3,046	2,518	+21
2,081	1,999	1,453	+4	Adjusted EBITDA2	A	5,767	4,837	+19
2,722	1,958	397	+39	Cash flow from operating activities2	A	5,999	3,794	+58
525	644	959		Cash capital expenditure2	C	1,634	4,406
2,945	2,868	3,138	+3	Marketing sales volumes (thousand b/d)2		2,859	3,062	-7

1.Q3 on Q2 change

2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2024, increased mainly due to seasonality.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2023, decreased mainly in Mobility including increased focus on value over volume.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CHEMICALS AND PRODUCTS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
341	587	1,250	-42	Segment earnings2		2,085	3,310	-37
(122)	(499)	(213)		Of which: Identified items2	A	(1,078)	(278)
463	1,085	1,463	-57	Adjusted Earnings2	A	3,163	3,588	-12
1,240	2,242	2,661	-45	Adjusted EBITDA2	A	6,308	6,819	-7
3,321	2,249	2,862	+48	Cash flow from operating activities2	A	5,221	6,364	-18
761	638	837		Cash capital expenditure2	C	1,898	2,027
1,305	1,429	1,334	-9	Refinery processing intake (thousand b/d)		1,388	1,360	+2
3,015	3,052	2,998	-1	Chemicals sales volumes (thousand tonnes)		8,950	8,656	+3

1.Q3 on Q2 change

The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

Refinery utilisation was 88% compared with 87% in the first nine months 2023.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
(481)	(75)	616	-538	Segment earnings		(3)	3,361	-100
(319)	112	667		Of which: Identified items	A	183	2,778
(162)	(187)	(51)	+13	Adjusted Earnings	A	(186)	583	-132
(75)	(91)	101	+18	Adjusted EBITDA	A	101	1,229	-92
(364)	847	(34)	-143	Cash flow from operating activities	A	2,948	4,249	-31
409	425	659		Cash capital expenditure	C	1,272	1,655
79	74	76	+7	External power sales (terawatt hours)2		230	211	+9
148	148	170	0	Sales of pipeline gas to end-use customers (terawatt hours)3		487	563	-14

1.Q3 on Q2 change

2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the fair value accounting of commodity derivatives and impairment charges of $155 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making for the first nine months 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


Quarters					Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		2024	2023	%
				Renewable power generation capacity (gigawatt):
3.4	3.3	2.5	+2	– In operation2	3.4	2.5	+37
3.9	3.8	4.9	+3	– Under construction and/or committed for sale3	3.9	4.9	-20

1.Q3 on Q2 change

2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.



CORPORATE
Quarters			$ million		Nine months
Q3 2024	Q2 2024	Q3 2023		Reference	2024	2023
(647)	(1,656)	(497)	Segment earnings1		(2,656)	(2,315)
(3)	(1,080)	22	Of which: Identified items	A	(1,069)	(50)
(643)	(576)	(519)	Adjusted Earnings1	A	(1,588)	(2,266)
(346)	(213)	(186)	Adjusted EBITDA1	A	(650)	(619)
115	(1,468)	(238)	Cash flow from operating activities	A	(1,898)	(2,372)

1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, were primarily driven by favourable tax movements and favourable net interest movements.

First nine months 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE FOURTH QUARTER 2024

For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d.

Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million1. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2024.

2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

FORTHCOMING EVENTS



Date			Event
January 30, 2025			Fourth quarter 2024 results and dividends
March 13, 2025			Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
May 2, 2025			First quarter 2025 results and dividends
July 31, 2025			Second quarter 2025 results and dividends
October 30, 2025			Third quarter 2025 results and dividends

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
71,089	74,463	76,350	Revenue1	218,031	237,888
933	898	747	Share of profit/(loss) of joint ventures and associates	3,150	2,957
440	(305)	913	Interest and other income/(expenses)2	1,042	2,207
72,462	75,057	78,011	Total revenue and other income/(expenses)	222,222	243,052
48,225	49,417	49,144	Purchases	144,509	158,138
6,138	5,593	6,384	Production and manufacturing expenses	17,541	18,433
3,139	3,094	3,447	Selling, distribution and administrative expenses	9,208	9,811
294	263	267	Research and development	768	817
305	496	436	Exploration	1,551	1,283
5,916	7,555	5,911	Depreciation, depletion and amortisation2	19,352	20,069
1,174	1,235	1,131	Interest expense	3,573	3,507
65,190	67,653	66,720	Total expenditure	196,502	212,058
7,270	7,404	11,291	Income/(loss) before taxation	25,717	30,993
2,879	3,754	4,115	Taxation charge/(credit)2	10,237	11,891
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
0.69	0.55	1.06	Basic earnings per share ($)3	2.39	2.78
0.68	0.55	1.05	Diluted earnings per share ($)3	2.36	2.75

1.See Note 2 “Segment information”.

2.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

3.See Note 4 “Earnings per share”.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
2,947	698	(1,460)	– Currency translation differences1	1,651	(1,174)
35	(12)	1	– Debt instruments remeasurements	16	13
(75)	14	141	– Cash flow hedging gains/(losses)	(7)	61
—	—	—	– Net investment hedging gains/(losses)	—	(44)
(2)	(6)	(39)	– Deferred cost of hedging	(22)	(94)
35	(50)	(72)	– Share of other comprehensive income/(loss) of joint ventures and associates	(27)	(118)
2,940	644	(1,429)	Total	1,610	(1,357)
			Items that are not reclassified to income in later periods:
419	310	180	– Retirement benefits remeasurements	1,169	125
80	(81)	(38)	– Equity instruments remeasurements	77	(15)
(53)	44	17	– Share of other comprehensive income/(loss) of joint ventures and associates	1	(15)
446	273	159	Total	1,247	95
3,386	917	(1,270)	Other comprehensive income/(loss) for the period	2,857	(1,262)
7,777	4,567	5,906	Comprehensive income/(loss) for the period	18,337	17,840
177	123	149	Comprehensive income/(loss) attributable to non-controlling interest	357	217
7,600	4,443	5,757	Comprehensive income/(loss) attributable to Shell plc shareholders	17,981	17,622

1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	September 30, 2024	December 31, 2023
Assets
Non-current assets
Goodwill	16,600	16,660
Other intangible assets	8,188	10,253
Property, plant and equipment	191,721	194,835
Joint ventures and associates	25,764	24,457
Investments in securities	3,062	3,246
Deferred tax	6,114	6,454
Retirement benefits1	10,564	9,151
Trade and other receivables	6,883	6,298
Derivative financial instruments²	498	801
	269,394	272,155
Current assets
Inventories	24,143	26,019
Trade and other receivables	46,782	53,273
Derivative financial instruments²	10,233	15,098
Cash and cash equivalents	42,252	38,774
	123,411	133,164
Assets classified as held for sale1	2,144	951
	125,555	134,115
Total assets	394,949	406,270
Liabilities
Non-current liabilities
Debt	64,597	71,610
Trade and other payables	3,864	3,103
Derivative financial instruments²	1,749	2,301
Deferred tax	15,487	15,347
Retirement benefits1	7,110	7,549
Decommissioning and other provisions	22,979	22,531
	115,786	122,441
Current liabilities
Debt	12,015	9,931
Trade and other payables	61,076	68,237
Derivative financial instruments²	6,775	9,529
Income taxes payable	4,289	3,422
Decommissioning and other provisions	4,171	4,041
	88,327	95,160
Liabilities directly associated with assets classified as held for sale1	1,298	307
	89,625	95,467
Total liabilities	205,411	217,908
Equity attributable to Shell plc shareholders	187,673	186,607
Non-controlling interest	1,865	1,755
Total equity	189,538	188,362
Total liabilities and equity	394,949	406,270

1. See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

2. See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	2,815	15,166	17,981	357	18,337
Transfer from other comprehensive income	—	—	166	(166)	—	—	—
Dividends³	—	—	—	(6,556)	(6,556)	(242)	(6,798)
Repurchases of shares4	(25)	—	25	(10,536)	(10,536)	—	(10,536)
Share-based compensation	—	542	(24)	(400)	119	—	119
Other changes	—	—	—	60	60	(5)	55
At September 30, 2024	519	(456)	24,127	163,482	187,673	1,865	189,538
At January 1, 2023	584	(726)	21,132	169,482	190,472	2,125	192,597
Comprehensive income/(loss) for the period	—	—	(1,263)	18,886	17,622	217	17,840
Transfer from other comprehensive income	—	—	(111)	111	—	—	—
Dividends3	—	—	—	(6,193)	(6,193)	(636)	(6,829)
Repurchases of shares4	(30)	—	30	(11,058)	(11,058)	—	(11,058)
Share-based compensation	—	466	(18)	(100)	349	—	349
Other changes	—	—	—	8	8	37	45
At September 30, 2023	555	(261)	19,769	171,136	191,199	1,745	192,943

1. See Note 5 “Share capital”.

2. See Note 6 “Other reserves”.

3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.

4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
7,270	7,404	11,291	Income before taxation for the period	25,717	30,993
			Adjustment for:
554	619	513	– Interest expense (net)	1,749	1,789
5,916	7,555	5,911	– Depreciation, depletion and amortisation1	19,352	20,069
150	269	186	– Exploration well write-offs	973	626
154	(143)	74	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	—	(24)
(933)	(898)	(747)	– Share of (profit)/loss of joint ventures and associates	(3,150)	(2,957)
860	792	749	– Dividends received from joint ventures and associates	2,390	2,529
2,705	(954)	(3,151)	– (Increase)/decrease in inventories	1,143	2,237
4,057	1,965	(1,126)	– (Increase)/decrease in current receivables	5,827	13,105
(4,096)	(1,269)	4,498	– Increase/(decrease) in current payables2	(7,314)	(10,881)
735	253	(2,807)	– Derivative financial instruments	2,373	(6,050)
125	(332)	1	– Retirement benefits	(267)	31
359	(332)	282	– Decommissioning and other provisions2	(572)	(210)
(144)	2,027	(150)	– Other1	2,392	474
(3,028)	(3,448)	(3,191)	Tax paid	(9,092)	(10,108)
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622
(4,690)	(4,445)	(5,259)	Capital expenditure	(13,114)	(16,033)
(222)	(261)	(350)	Investments in joint ventures and associates	(983)	(1,093)
(38)	(13)	(40)	Investments in equity securities	(63)	(154)
(4,950)	(4,719)	(5,649)	Cash capital expenditure	(14,161)	(17,280)
94	710	184	Proceeds from sale of property, plant and equipment and businesses	1,128	2,024
94	57	68	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	284	425
6	2	7	Proceeds from sale of equity securities	576	28
593	648	586	Interest received	1,818	1,555
1,074	883	701	Other investing cash inflows	2,814	3,308
(769)	(920)	(724)	Other investing cash outflows	(3,183)	(2,141)
(3,857)	(3,338)	(4,827)	Cash flow from investing activities	(10,723)	(12,080)
(89)	(179)	88	Net increase/(decrease) in debt with maturity period within three months	(375)	(185)
			Other debt:
78	132	187	– New borrowings	377	964
(1,322)	(4,154)	(3,368)	– Repayments	(7,008)	(6,596)
(979)	(1,287)	(1,049)	Interest paid	(3,177)	(3,076)
652	(115)	(26)	Derivative financial instruments	239	22
—	(1)	6	Change in non-controlling interest	(5)	(22)
			Cash dividends paid to:
(2,167)	(2,177)	(2,179)	– Shell plc shareholders	(6,554)	(6,192)
(92)	(82)	(51)	– Non-controlling interest	(242)	(636)
(3,537)	(3,958)	(2,725)	Repurchases of shares	(10,319)	(10,640)
6	(24)	(30)	Shares held in trust: net sales/(purchases) and dividends received	(480)	(176)
(7,452)	(11,846)	(9,147)	Cash flow from financing activities	(27,545)	(26,535)
729	(126)	(421)	Effects of exchange rate changes on cash and cash equivalents	224	(222)
4,105	(1,801)	(2,063)	Increase/(decrease) in cash and cash equivalents	3,478	2,785
38,148	39,949	45,094	Cash and cash equivalents at beginning of period	38,774	40,246
42,252	38,148	43,031	Cash and cash equivalents at end of period	42,252	43,031

1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

2. Segment information

Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



REVENUE AND CCS EARNINGS BY SEGMENT
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
			Third-party revenue
9,748	9,052	8,338	Integrated Gas	27,996	27,208
1,605	1,590	1,617	Upstream	4,954	5,212
30,519	32,005	35,236	Marketing2	92,564	98,799
22,608	24,583	22,119	Chemicals and Products2	70,926	72,121
6,599	7,222	9,032	Renewables and Energy Solutions	21,558	34,517
10	11	7	Corporate	33	31
71,089	74,463	76,350	Total third-party revenue1	218,031	237,888
			Inter-segment revenue
2,131	2,157	2,472	Integrated Gas	6,691	8,946
9,618	10,102	10,277	Upstream	30,008	30,282
1,235	1,363	1,456	Marketing2	3,953	4,056
9,564	9,849	11,942	Chemicals and Products2	29,725	32,653
1,131	957	894	Renewables and Energy Solutions	3,093	3,140
—	—	—	Corporate	—	—
			CCS earnings
2,631	2,454	2,156	Integrated Gas	7,846	5,325
2,289	2,179	1,999	Upstream	6,741	6,388
760	257	629	Marketing2	1,791	2,832
341	587	1,250	Chemicals and Products2	2,085	3,310
(481)	(75)	616	Renewables and Energy Solutions	(3)	3,361
(647)	(1,656)	(497)	Corporate3	(2,656)	(2,315)
4,894	3,747	6,152	Total CCS earnings4	15,804	18,901

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.



CASH CAPITAL EXPENDITURE BY SEGMENT
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
			Capital expenditure
1,090	1,024	958	Integrated Gas	2,971	2,458
1,998	1,769	2,013	Upstream	5,533	5,701
488	644	935	Marketing1	1,559	4,358
748	601	761	Chemicals and Products1	1,822	1,944
327	377	523	Renewables and Energy Solutions	1,124	1,382
39	30	68	Corporate	104	190
4,690	4,445	5,259	Total capital expenditure	13,114	16,033
			Add: Investments in joint ventures and associates
147	127	141	Integrated Gas	457	543
(37)	60	(6)	Upstream	268	205
37	—	25	Marketing	75	48
13	37	76	Chemicals and Products	76	81
59	35	114	Renewables and Energy Solutions	103	205
3	1	1	Corporate	5	11
222	261	350	Total investments in joint ventures and associates	983	1,093
			Add: Investments in equity securities
—	—	—	Integrated Gas	—	—
12	—	—	Upstream	12	—
—	—	—	Marketing	—	—
—	—	—	Chemicals and Products	—	2
23	13	21	Renewables and Energy Solutions	45	68
3	—	19	Corporate	6	84
38	13	40	Total investments in equity securities	63	154
			Cash capital expenditure
1,236	1,151	1,099	Integrated Gas	3,429	3,000
1,974	1,829	2,007	Upstream	5,813	5,906
525	644	959	Marketing1	1,634	4,406
761	638	837	Chemicals and Products1	1,898	2,027
409	425	659	Renewables and Energy Solutions	1,272	1,655
45	32	87	Corporate	114	285
4,950	4,719	5,649	Total Cash capital expenditure	14,161	17,280

1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt



RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
			Current cost of supplies adjustment:
668	137	(1,304)	Purchases	473	(275)
(162)	(36)	327	Taxation	(114)	60
(2)	(5)	(47)	Share of profit/(loss) of joint ventures and associates	(35)	14
503	97	(1,024)	Current cost of supplies adjustment	324	(201)
			Of which:
477	89	(969)	Attributable to Shell plc shareholders	302	(162)
26	7	(55)	Attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901
			Of which:
4,768	3,606	6,075	CCS earnings attributable to Shell plc shareholders	15,468	18,725
126	140	77	CCS earnings attributable to non-controlling interest	336	176



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
6,138	5,593	6,384	Production and manufacturing expenses	17,541	18,433
3,139	3,094	3,447	Selling, distribution and administrative expenses	9,208	9,811
294	263	267	Research and development	768	817
9,570	8,950	10,097	Operating expenses	27,517	29,062

RECONCILIATION OF TOTAL DEBT

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

September 30, 2024

June 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

12,015

10,849

10,119

Current debt

12,015

10,119

64,597

64,619

72,028

Non-current debt

64,597

72,028

76,613

75,468

82,147

Total debt

76,613

82,147

4. Earnings per share



EARNINGS PER SHARE
Quarters				Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders ($ million)	15,166	18,887

			Weighted average number of shares used as the basis for determining:
6,256.5	6,355.4	6,668.1	Basic earnings per share (million)	6,350.3	6,792.5
6,320.9	6,417.6	6,736.7	Diluted earnings per share (million)	6,414.0	6,856.7

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(299,830,201)

(25)

At September 30, 2024

6,224,278,848

519

At January 1, 2023

7,003,503,393

584

Repurchases of shares

(357,368,014)

(30)

At September 30, 2023

6,646,135,379

555

At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

6. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	2,815	2,815
Transfer from other comprehensive income	—	—	—	—	166	166
Repurchases of shares	—	—	25	—	—	25
Share-based compensation	—	—	—	(24)	—	(24)
At September 30, 2024	37,298	154	261	1,284	(14,870)	24,127
At January 1, 2023	37,298	154	196	1,140	(17,656)	21,132
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(1,263)	(1,263)
Transfer from other comprehensive income	—	—	—	—	(111)	(111)
Repurchases of shares	—	—	30	—	—	30
Share-based compensation	—	—	—	(18)	—	(18)
At September 30, 2023	37,298	154	227	1,121	(19,029)	19,769

The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

7. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.



DEBT EXCLUDING LEASE LIABILITIES
$ million	September 30, 2024	December 31, 2023
Carrying amount	51,022	53,832
Fair value¹	48,489	50,866

1. Mainly determined from the prices quoted for these securities.

8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
440	(305)	913	Interest and other income/(expenses)	1,042	2,207
			Of which:
619	616	618	Interest income	1,824	1,718
4	30	7	Dividend income (from investments in equity securities)	58	36
(154)	143	(75)	Net gains/(losses) on sales and revaluation of non-current assets and businesses	0	35
(189)	(1,169)	168	Net foreign exchange gains/(losses) on financing activities	(1,292)	(60)
159	74	195	Other	452	478

Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

Depreciation, depletion and amortisation



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
5,916	7,555	5,911	Depreciation, depletion and amortisation	19,352	20,069
			Of which:
5,578	5,642	5,716	Depreciation	16,874	17,120
340	1,984	359	Impairments	2,706	3,438
(2)	(71)	(163)	Impairment reversals	(228)	(489)

Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

Page 23



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Taxation charge/credit

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

2,879

3,754

4,115

Taxation charge/(credit)

10,237

11,891

Of which:

2,834

3,666

4,115

Income tax excluding Pillar Two income tax

10,026

11,891

—

Income tax related to Pillar Two income tax

212

—

On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

2,947

698

(1,460)

Currency translation differences

1,651

(1,174)

Of which:

2,912

(406)

(1,469)

Recognised in Other comprehensive income

524

(1,181)

1,104

(Gain)/loss reclassified to profit or loss

1,127

Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

Condensed Consolidated Balance Sheet

Retirement benefits



$ million
	September 30, 2024	December 31, 2023
Non-current assets
Retirement benefits	10,564	9,151
Non-current liabilities
Retirement benefits	7,110	7,549
Surplus/(deficit)	3,454	1,602

Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

Assets classified as held for sale



$ million
	September 30, 2024	December 31, 2023
Assets classified as held for sale	2,144	951
Liabilities directly associated with assets classified as held for sale	1,298	307

Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

Page 24



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

(144)

2,027

(150)

Other

2,392

474

‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
477	89	(969)	Add: Current cost of supplies adjustment attributable to Shell plc shareholders	302	(162)
26	7	(55)	Add: Current cost of supplies adjustment attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	4,894	2,631	2,289	760	341	(481)	(647)
Less: Identified items	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Less: CCS earnings attributable to non-controlling interest	126
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,028
Add: Non-controlling interest	126
Adjusted Earnings plus non-controlling interest	6,153	2,871	2,443	1,182	463	(162)	(643)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,571	949	2,413	322	(73)	(1)	(39)
Add: Depreciation, depletion and amortisation excluding impairments	5,578	1,369	2,691	564	862	86	6
Add: Exploration well write-offs	150	2	148
Add: Interest expense excluding identified items	1,173	49	183	13	14	2	912
Less: Interest income	619	5	8	—	25	—	581
Adjusted EBITDA	16,005	5,234	7,871	2,081	1,240	(75)	(346)
Less: Current cost of supplies adjustment before taxation	665			334	331
Joint ventures and associates (dividends received less profit)	(62)	(146)	(90)	51	63	61	—
Derivative financial instruments	133	(373)	47	98	88	(106)	380
Taxation paid	(3,028)	(814)	(2,074)	(241)	23	(33)	112
Other	(365)	(32)	(406)	275	107	(75)	(234)
(Increase)/decrease in working capital	2,665	(247)	(78)	792	2,131	(136)	204
Cash flow from operating activities	14,684	3,623	5,268	2,722	3,321	(364)	115

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	3,747	2,454	2,179	257	587	(75)	(1,656)
Less: Identified items	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Less: CCS earnings attributable to non-controlling interest	140
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	6,293
Add: Non-controlling interest	122
Adjusted Earnings plus non-controlling interest	6,415	2,675	2,336	1,082	1,085	(187)	(576)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,947	940	2,312	359	297	(10)	49
Add: Depreciation, depletion and amortisation excluding impairments	5,642	1,375	2,750	548	867	95	6
Add: Exploration well write-offs	269	5	264	—	—	—	—
Add: Interest expense excluding identified items	1,149	44	166	10	23	1	904
Less: Interest income	616	—	(1)	—	30	(9)	595
Adjusted EBITDA	16,806	5,039	7,829	1,999	2,242	(91)	(213)
Less: Current cost of supplies adjustment before taxation	133			74	59
Joint ventures and associates (dividends received less profit)	(135)	96	(288)	(54)	46	64	—
Derivative financial instruments	713	(133)	9	7	304	607	(79)
Taxation paid	(3,448)	(1,039)	(1,955)	(17)	(186)	(138)	(113)
Other	(38)	(104)	(341)	(57)	263	180	20
(Increase)/decrease in working capital	(258)	324	484	153	(361)	225	(1,083)
Cash flow from operating activities	13,508	4,183	5,739	1,958	2,249	847	(1,468)



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	6,152	2,156	1,999	629	1,250	616	(497)
Less: Identified items	(149)	(375)	(238)	(12)	(213)	667	22
Less: CCS earnings attributable to non-controlling interest	77
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,224
Add: Non-controlling interest	77
Adjusted Earnings plus non-controlling interest	6,302	2,531	2,237	641	1,463	(51)	(519)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,621	845	2,160	269	253	70	24
Add: Depreciation, depletion and amortisation excluding impairments	5,716	1,413	2,771	528	918	82	4
Add: Exploration well write-offs	186	35	151	—	—	—	—
Add: Interest expense excluding identified items	1,130	51	119	23	41	1	895
Less: Interest income	618	1	5	8	13	1	590
Adjusted EBITDA	16,336	4,874	7,433	1,453	2,661	101	(186)
Less: Current cost of supplies adjustment before taxation	(1,351)			(624)	(727)
Joint ventures and associates (dividends received less profit)	(13)	(40)	43	(19)	(19)	21	—
Derivative financial instruments	(2,549)	(454)	(20)	10	(375)	(1,407)	(304)
Taxation paid	(3,191)	(679)	(2,090)	(226)	54	(258)	8
Other	177	(44)	(57)	(485)	167	327	269
(Increase)/decrease in working capital	221	352	28	(960)	(354)	1,182	(27)
Cash flow from operating activities	12,332	4,009	5,336	397	2,862	(34)	(238)

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	15,804	7,846	6,741	1,791	2,085	(3)	(2,656)
Less: Identified items	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Less: CCS earnings attributable to non-controlling interest	336
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	20,055
Add: Non-controlling interest	318
Adjusted Earnings plus non-controlling interest	20,373	9,225	6,712	3,046	3,163	(186)	(1,588)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,642	2,885	7,247	1,039	562	(10)	(81)
Add: Depreciation, depletion and amortisation excluding impairments	16,874	4,154	8,169	1,647	2,599	287	18
Add: Exploration well write-offs	973	14	959
Add: Interest expense excluding identified items	3,485	136	518	35	54	4	2,737
Less: Interest income	1,824	5	17	1	69	(5)	1,736
Adjusted EBITDA	51,523	16,410	23,588	5,767	6,308	101	(650)
Less: Current cost of supplies adjustment before taxation	438			256	182
Joint ventures and associates (dividends received less profit)	(779)	(247)	(924)	89	165	138	—
Derivative financial instruments	1,153	(1,586)	53	66	(10)	2,479	152
Taxation paid	(9,092)	(2,320)	(5,832)	(432)	(182)	(415)	89
Other	(500)	(90)	(978)	612	(8)	75	(111)
(Increase)/decrease in working capital	(344)	352	827	153	(869)	570	(1,377)
Cash flow from operating activities	41,522	12,518	16,734	5,999	5,221	2,948	(1,898)



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	18,901	5,325	6,388	2,832	3,310	3,361	(2,315)
Less: Identified items	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Less: CCS earnings attributable to non-controlling interest	176
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	20,944
Add: Non-controlling interest	176
Adjusted Earnings plus non-controlling interest	21,120	9,951	6,746	2,518	3,588	583	(2,266)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,553	2,773	6,720	808	558	345	349
Add: Depreciation, depletion and amortisation excluding impairments	17,120	4,300	8,358	1,479	2,667	303	13
Add: Exploration well write-offs	625	59	566	—	—	—	—
Add: Interest expense excluding identified items	3,504	110	372	40	39	3	2,941
Less: Interest income	1,718	2	13	8	33	5	1,657
Adjusted EBITDA	52,204	17,189	22,750	4,837	6,819	1,229	(619)
Less: Current cost of supplies adjustment before taxation	(261)			(94)	(167)
Joint ventures and associates (dividends received less profit)	(167)	32	(443)	85	85	72	2
Derivative financial instruments	(5,112)	(3,071)	—	(18)	225	(1,719)	(528)
Taxation paid	(10,108)	(2,843)	(6,455)	(478)	(197)	(350)	214
Other	82	(84)	(530)	23	284	304	85
(Increase)/decrease in working capital	4,462	2,700	342	(748)	(1,019)	4,713	(1,526)
Cash flow from operating activities	41,622	13,923	15,663	3,794	6,364	4,249	(2,372)

Identified Items

Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(154)	1	(2)	(110)	(19)	(20)	(3)
Impairment reversals/(impairments)	(338)	(6)	(3)	(195)	(120)	(14)	—
Redundancy and restructuring	(552)	(69)	(189)	(136)	(141)	(26)	10
Provisions for onerous contracts	(7)	—	—	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(602)	(252)	(13)	(78)	126	(385)	—
Other	(136)	—	(141)	(1)	(11)	16	—
Total identified items included in Income/(loss) before taxation	(1,789)	(327)	(348)	(526)	(165)	(430)	7
Less: total identified items included in Taxation charge/(credit)	(530)	(87)	(195)	(104)	(43)	(111)	10
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(129)	1	(6)	(84)	(15)	(23)	(2)
Impairment reversals/(impairments)	(288)	(4)	(2)	(179)	(92)	(10)	—
Redundancy and restructuring	(397)	(48)	(138)	(98)	(101)	(19)	7
Provisions for onerous contracts	(5)	—	—	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(456)	(213)	(3)	(56)	95	(279)	—
Impact of exchange rate movements and inflationary adjustments on tax balances	120	24	104	—	—	—	(8)
Other	(105)	—	(108)	—	(8)	12	—
Impact on CCS earnings	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	143	2	131	(60)	(8)	79	—
Impairment reversals/(impairments)	(1,932)	(18)	(80)	(1,055)	(619)	(161)	—
Redundancy and restructuring	(211)	(9)	(56)	(69)	(30)	(45)	(2)
Provisions for onerous contracts	(17)	(3)	(14)	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	461	(102)	(29)	63	211	318	—
Other1	(1,271)	(130)	(168)	10	113	7	(1,103)
Total identified items included in Income/(loss) before taxation	(2,826)	(260)	(215)	(1,111)	(333)	198	(1,105)
Less: total identified items included in Taxation charge/(credit)	(157)	(40)	(58)	(286)	165	87	(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	135	1	114	(45)	(6)	71	—
Impairment reversals/(impairments)	(1,728)	(15)	(67)	(783)	(708)	(155)	—
Redundancy and restructuring	(147)	(6)	(33)	(50)	(23)	(33)	(1)
Provisions for onerous contracts	(14)	(3)	(11)	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	319	(98)	(7)	45	156	223	—
Impact of exchange rate movements and inflationary adjustments on tax balances	49	10	(4)	—	—	—	43
Other1	(1,284)	(111)	(148)	7	83	5	(1,122)
Impact on CCS earnings	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,687)	(220)	(157)	(825)	(517)	112	(1,080)

1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(75)	6	23	(10)	3	(98)	—
Impairment reversals/(impairments)	(196)	—	(15)	(2)	(103)	(76)	—
Redundancy and restructuring	(20)	(3)	(4)	(5)	(4)	(2)	(3)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	258	(350)	38	(2)	(88)	659	—
Other	50	(25)	(236)	—	(97)	408	—
Total identified items included in Income/(loss) before taxation	17	(371)	(194)	(18)	(288)	891	(3)
Less: total identified items included in Taxation charge/(credit)	166	4	44	(6)	(75)	225	(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(68)	4	8	(7)	2	(76)	—
Impairment reversals/(impairments)	(167)	—	(12)	(1)	(79)	(75)	—
Redundancy and restructuring	(14)	(2)	(2)	(4)	(3)	(1)	(2)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	121	(340)	13	—	(59)	506	—
Impact of exchange rate movements and inflationary adjustments on tax balances	(51)	(13)	(62)	—	—	—	24
Other	29	(25)	(184)	—	(74)	312	—
Impact on CCS earnings	(149)	(375)	(238)	(12)	(213)	667	22
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(149)	(375)	(238)	(12)	(213)	667	22

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	—	—	155	(185)	(35)	68	(3)
Impairment reversals/(impairments)	(2,498)	(32)	(179)	(1,254)	(917)	(116)	—
Redundancy and restructuring	(837)	(79)	(258)	(226)	(190)	(86)	3
Provisions for onerous contracts	(24)	(3)	(14)	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,221)	(1,421)	(44)	(9)	(79)	332	—
Other1	(1,281)	(126)	(271)	32	148	39	(1,103)
Total identified items included in Income/(loss) before taxation	(5,859)	(1,663)	(609)	(1,649)	(1,073)	238	(1,104)
Less: total identified items included in Taxation charge/(credit)	(1,290)	(284)	(638)	(394)	5	55	(35)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	2	—	118	(140)	(28)	54	(2)
Impairment reversals/(impairments)	(2,201)	(24)	(171)	(965)	(952)	(89)	—
Redundancy and restructuring	(597)	(55)	(179)	(163)	(139)	(63)	2
Provisions for onerous contracts	(19)	(3)	(11)	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,032)	(1,198)	(11)	(6)	(69)	250	—
Impact of exchange rate movements and inflationary adjustments on tax balances	573	8	512	—	—	—	53
Other1	(1,293)	(107)	(228)	24	110	30	(1,122)
Impact on CCS earnings	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(4,587)	(1,379)	28	(1,255)	(1,096)	183	(1,069)

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	35	(1)	76	32	(12)	(59)	—
Impairment reversals/(impairments)	(2,952)	(2,274)	(199)	(49)	(300)	(130)	—
Redundancy and restructuring	(54)	—	(10)	(22)	(4)	(1)	(16)
Provisions for onerous contracts	(24)	—	—	—	(24)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	939	(3,047)	387	66	77	3,455	—
Other	116	(25)	(445)	298	(119)	408	—
Total identified items included in Income/(loss) before taxation	(1,941)	(5,347)	(192)	324	(382)	3,672	(16)
Less: total identified items included in Taxation charge/(credit)	278	(722)	165	11	(104)	894	34
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	50	—	80	24	(9)	(45)	—
Impairment reversals/(impairments)	(2,284)	(1,700)	(188)	(50)	(227)	(119)	—
Redundancy and restructuring	(35)	—	(3)	(17)	(3)	(1)	(11)
Provisions for onerous contracts	(18)	—	—	—	(18)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	52	(2,821)	106	60	75	2,632	—
Impact of exchange rate movements and inflationary adjustments on tax balances	8	(31)	78	—	—	—	(39)
Other	7	(74)	(431)	297	(96)	312	—
Impact on CCS earnings	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)

The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

B. Adjusted Earnings per share

Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

C. Cash capital expenditure

Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

D. Capital employed and Return on average capital employed

Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.



$ million	Quarters
	Q3 2024	Q2 2024	Q3 2023
Current debt	10,119	12,114	8,046
Non-current debt	72,028	72,252	73,944
Total equity	192,943	192,094	190,237
Less: Cash and cash equivalents	(43,031)	(45,094)	(35,978)
Capital employed – opening	232,059	231,366	236,250
Current debt	12,015	10,849	10,119
Non-current debt	64,597	64,619	72,028
Total equity	189,538	187,190	192,943
Less: Cash and cash equivalents	(42,252)	(38,148)	(43,031)
Capital employed – closing	223,898	224,511	232,059
Capital employed – average	227,979	227,939	234,154

Page 34



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



$ million	Quarters
	Q3 2024	Q2 2024	Q3 2023
Adjusted Earnings – current and previous three quarters (Reference A)	27,361	27,558	30,758
Add: Income/(loss) attributable to NCI – current and previous three quarters	376	409	275
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters	56	(25)	(12)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters	7	7	13
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters	27,787	27,935	31,008
Add: Interest expense after tax – current and previous three quarters	2,698	2,650	2,685
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters	1,392	1,395	1,179
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters	29,093	29,190	32,514
Capital employed – average	227,979	227,939	234,154
ROACE on an Adjusted Earnings plus NCI basis	12.8%	12.8%	13.9%

E. Net debt and gearing

Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).



$ million
	September 30, 2024		June 30, 2024		September 30, 2023
Current debt	12,015		10,849		10,119
Non-current debt	64,597		64,619		72,028
Total debt	76,613		75,468		82,147
Of which lease liabilities	25,590		25,600		27,854
Add: Debt-related derivative financial instruments: net liability/(asset)	1,694		2,460		3,116
Add: Collateral on debt-related derivatives: net liability/(asset)	(821)		(1,466)		(1,762)
Less: Cash and cash equivalents	(42,252)		(38,148)		(43,031)
Net debt	35,234		38,314		40,470
Total equity	189,538		187,190		192,943
Total capital	224,772		225,505		233,414
Gearing	15.7	%	17.0	%	17.3	%

F. Operating expenses and Underlying operating expenses

Operating expenses

Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,138	1,164	2,394	367	1,766	453	(6)
Selling, distribution and administrative expenses	3,139	(1)	(39)	2,408	453	209	110
Research and development	294	27	75	55	34	22	81
Operating expenses	9,570	1,190	2,430	2,830	2,253	684	185



Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,593	1,050	2,219	320	1,573	422	10
Selling, distribution and administrative expenses	3,094	64	62	2,295	293	279	101
Research and development	263	32	61	47	37	24	62
Operating expenses	8,950	1,146	2,341	2,662	1,902	725	173



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,384	1,125	2,266	335	1,900	760	(1)
Selling, distribution and administrative expenses1	3,447	50	42	2,448	501	286	121
Research and development1	267	30	77	60	44	(26)	81
Operating expenses	10,097	1,204	2,384	2,843	2,444	1,021	201



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	17,541	3,170	6,881	1,052	4,973	1,454	10
Selling, distribution and administrative expenses	9,208	125	80	6,891	1,166	646	300
Research and development	768	85	194	136	104	58	192
Operating expenses	27,517	3,380	7,156	8,079	6,243	2,158	501



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	18,433	3,341	6,591	1,030	5,579	1,878	14
Selling, distribution and administrative expenses1	9,811	114	217	6,906	1,494	787	293
Research and development1	817	84	216	184	129	2	202
Operating expenses	29,062	3,540	7,024	8,120	7,201	2,667	509

1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

Underlying operating expenses

Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

9,570

8,950

10,097

Operating expenses

27,517

29,062

(552)

(210)

(19)

Redundancy and restructuring (charges)/reversal

(834)

(51)

(154)

(212)

(343)

(Provisions)/reversal

(366)

(376)

—

123

—

Other

252

—

(706)

(299)

(362)

Total identified items

(948)

(426)

8,864

8,651

9,735

Underlying operating expenses

26,569

28,635

G. Free cash flow and Organic free cash flow

Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622
(3,857)	(3,338)	(4,827)	Cash flow from investing activities	(10,723)	(12,080)
10,827	10,170	7,505	Free cash flow	30,799	29,542
194	769	259	Less: Divestment proceeds (Reference I)	1,988	2,477
—	—	(3)	Add: Tax paid on divestments (reported under “Other investing cash outflows”)	—	—
—	189	3	Add: Cash outflows related to inorganic capital expenditure1	251	2,316
10,633	9,590	7,246	Organic free cash flow2	29,062	29,381

1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

H. Cash flow from operating activities and cash flow from operating activities excluding working capital movements

Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

14,684

13,508

12,332

Cash flow from operating activities

41,522

41,622

2,705

(954)

(3,151)

(Increase)/decrease in inventories

1,143

2,237

4,057

1,965

(1,126)

(Increase)/decrease in current receivables

5,827

13,105

(4,096)

(1,269)

4,498

Increase/(decrease) in current payables1

(7,314)

(10,881)

2,665

(258)

221

(Increase)/decrease in working capital

(344)

4,462

12,019

13,766

12,111

Cash flow from operating activities excluding working capital movements

41,867

37,160

1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

Page 37



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

I. Divestment proceeds

Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
94	710	184	Proceeds from sale of property, plant and equipment and businesses	1,128	2,024
94	57	68	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	284	425
6	2	7	Proceeds from sale of equity securities	576	28
194	769	259	Divestment proceeds	1,988	2,477

Page 38



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where 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 who work 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 in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This Unaudited Condensed Interim Financial 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 and businesses 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 future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events 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 to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and 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 of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate 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 contracts with 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 the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; 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 Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement 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-looking statements contained in this Unaudited Condensed Interim Financial Report.

Shell’s Net Carbon Intensity

Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s 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 expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating 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 measures

This Unaudited Condensed Interim Financial 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 financial measures 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 measures with 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 of future 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 plc’s consolidated financial statements.

The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial 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.

This Unaudited Condensed Interim Financial Report contains inside information.

Page 39



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

October 31, 2024


The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated interim financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

Contacts:

– Sean Ashley, Company Secretary

– Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

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