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Shell inks new $10bn credit facility to progress to net carbon footprint

Shell news
Shell news

Oil and gas giant Shell has announced the agreement of a new $10 billion revolving credit facility to help progress the firm towards its net carbon footprint.

Shell said the new facility replaces its existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks.

The Bank of America and Barclays Bank acted as joint co-ordinators for the facility.

Interest and fees paid on the facility will be linked to Shell’s progress towards reaching its short-term net carbon footprint goal.

Shell set a target within its latest Sustainability Report to cut the carbon footprint of the  energy products it sells by around 50% by 2050 and by 20% by 2035 as society moves towards meeting the aims of the Paris Agreement.

Shell has also set a three-year target to reduce its Net Carbon Footprint by 2% to 3% by 2021 as compared to 2016.

Russell O’Brien, group treasurer at Shell, said: “We are delighted to support the transition to new benchmark interest rates with this, market leading, syndicated SOFR facility

“This is an innovative deal which also demonstrates Shell’s broad-based commitment to reducing the Net Carbon Footprint of the energy products we sell.

“We appreciate the strong support and commitment from our relationship banks.”

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