Shell plc is not going to determine how quickly the energy transition happens, but there is a role for natural gas and oil, the CEO said Thursday.

CEO Wael Sawan, who took the helm in January from long-time chief Ben van Beurden, was the opening speaker at CERAWeek by S&P Global in Houston. Asked if Shell had slowed its ambitions to reach net zero carbon by 2050 because of the upheaval in global markets, Sawan said the company is moving forward. 

The transition from fossil fuels, though, will be “determined not by supply but by demand,” he said. “Shell won’t determine” the speed of the transition…There is nothing about the energy transition that Shell can slow down or speed up.” 

While Shell is “committed to net zero by 2050,” it is not committed to “only...