Shell plc upended its energy transition strategy on Thursday, citing lower power sales and stronger demand for natural gas, but it still expects to reach net-zero carbon emissions by 2050.

Under pressure from investors to focus on the core oil and natural gas business, the London-based major updated its carbon reduction ambitions in the Energy Transition Report 2024. 

“We believe the world will continue to need oil and gas for many years – produced with much lower emissions – alongside cleaner energy such as advanced biofuels, renewable power and hydrogen,” CEO Wael Sawan said. 

“We expect LNG will play a critical role in the transition. It continues to provide a secure supply of energy in many European countries. It also offers flexibility to electricity grids as...