壳牌2025年气候与能源转型游说报告 Shell plc Climate and Energy Transition Lobbying Report 2025

Shellplc

ClimateandEnergyTransition

LobbyingReport2025

Industryassociationsupdate

37Ourapproach

37Ourmembershipsofindustryassociations

38Updateonassociationswherewefoundpartialalignment

39Observations

42Paymentstoindustryassociations

43Appendix

45Endnotes

48Cautionarynote

Contents

Introduction

Ourapproach

7Lobbyingtransparency

8Policyandadvocacyinternalgovernance

9Internalgovernanceofindustryassociationmemberships

Ourlobbying

12Reviewofourlobbyingin2025

31Casestudy:OurLNGadvocacy

35Prioritiesfor2026

2ShellClimateandEnergyTransitionLobbyingReport2025

3ShellClimateandEnergyTransitionLobbyingReport2025

Introduction

Ouradvocacysupportsourstrategy

todelivermorevaluewithlessemissions.

4ShellClimateandEnergyTransitionLobbyingReport2025

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

Introduction

Ourstrategyistodelivermorevaluewithlessemissions.WewillcontinuetodrivethetransformationofShellintoaleanerandmore

competitiveorganisationwhiledeliveringresilientreturnsandrewardingourshareholders.Aswetransform,wewillmaintainourfocuson

performance,disciplineandsimplification.Wewillgrowourintegratedgasandliquefiednaturalgas(LNG)business,keepliquidsproductionstableandtransformDownstream,RenewablesandEnergySolutions.

Theworldneedsabalancedenergytransition,onethatmaintainssecureenergysupplies,whileacceleratingthetransitiontoaffordable

low-carbonsolutions.Webelieveourstrategysupportsabalancedtransitionbyprovidingtheoilandgaspeopleneedtoday,whilehelpingtobuildtheenergysystemofthefuture.

Directandindirectlobbying

Ouradvocacy,directlywithgovernmentsandregulators,andindirectlythroughindustryassociationsandcoalitions,supportsourstrategy.WearecommittedtolobbyingforpoliciesthatwebelieveareinlinewiththegoalsoftheParisAgreementandtheworldachievingnet-zeroemissionsby2050.Thisappliestoourdirectandindirectlobbying.

Weprovideinputintothedevelopmentofpolicy,legislationandregulationthatsupportsecureandaffordableenergysuppliestoday,intheformofoilandgas,whiledecarbonisingproduction.Wealsoadvocatepolicies,legislationandregulationthathelptobuildtheenergysystemofthefuture,includingsupportforlow-carbonenergyproductsandsolutions.

Ourglobalclimateandenergytransitionpolicypositionsserveasaglobalframeworkforouradvocacywithgovernments,internationalorganisations,industryassociations,coalitionsandotherstakeholders,globally,regionallyandwithincountries

.1

Inapplyingourpositions,werecognisethatthepaceoftheenergytransitionwillvaryaroundtheworld.

Thisreportprovidesanupdateonourdirectandindirectclimateandenergytransitionlobbyingin2025.Itistheeighthyearthatwehavereportedonourindustryassociationsandprovidedupdatesaboutouradvocacyrelatedtoclimateandtheenergytransition.

Wealsoprovidemoredetailedinformationonourwebsiteaboutourpositionsandadvocacyonkeypolicies,legislationandregulationrelatedtoclimateandtheenergytransitionataninternationalandcountrylevel.

2

Industryassociations

Wevalueourmembershipsofindustryassociations,whichprovideaplatformforindustry-wideengagementswithgovernments,regulators

andcommunitiesonarangeoftopics.Manyoftheassociationsweareamemberofengageonpolicy,legislationandregulation.Wepublishalistonourwebsiteofourmembershipsofindustryassociationsandsimilarorganisationswherewepayanannualmembershipfeeof

$50,000ormore.

3

ThislistpreviouslyfocusedoninternationalandEUassociations,andassociationsinkeycountriessignificanttothedeliveryofourstrategy.

4

In2025,weexpandedthelisttobeglobalinscope.

5ShellClimateandEnergyTransitionLobbyingReport2025

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

Ourprinciplesforparticipationinindustryassociationssetoutthegovernanceofourmemberships.

5

Inlinewiththeseprinciples,weperiodicallyreviewthepolicyandadvocacypositionsofselectedindustryassociations.

OurlastreviewwasincludedinourClimateandEnergyTransitionLobbyingReport2024,publishedinMay2025.Ofthe49industry

associationswereviewed,wefoundalignmentwith37associationsandpartialalignmentwith12.Inthisreport,publishedinMay2026,weprovideanupdateontheactionswehavetakenoverthepastyeartoaddressthedifferencesinourpositions.

Nextsteps

Overthecomingyear,weintendtocontinuetopublishinformationaboutourdirectandindirectclimateandenergytransitionadvocacyonourwebsite.

6

ThisincludesournextClimateandEnergyTransitionLobbyingReport,whichweplantopublishin2027.

Wewillcontinuetoengagewithinvestors,internationalandcivilsocietyorganisations,companiesandindustryassociationsaswefurther

developourapproachtolobbyingtransparency.Wewillalsocontinuetoofferourperspectivesandexperiencetohelpdevelopbestpractices.

6ShellClimateandEnergyTransitionLobbyingReport2025

Our

approach

Webelieveitisimportanttobetransparentaboutourapproachtolobbying,includingourinternalgovernance.

7Lobbyingtransparency

8Policyandadvocacyinternalgovernance

9Internalgovernanceofindustryassociationmemberships

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

7ShellClimateandEnergyTransitionLobbyingReport2025

Lobbyingtransparency

Webelievethatlobbyingtransparencyisimportantasithelpspeopletobetterunderstandouradvocacyactivitiesandencourages

collaboration.Weengagewithinvestors,internationalandcivilsocietyorganisations,companiesandindustryassociationsaswefurtherdevelopourapproachtolobbyingtransparency.

InitiativessuchastheGlobalStandardonResponsibleClimateLobbyingandtheClimateAction100+NetZeroCompanyBenchmarkaimto

encouragegreatertransparencyaroundclimate-relatedlobbyingbycompaniesandindustryassociations.Ourmainlobbying-related

disclosuresareavailableat

/advocacy

andaresummarisedinTable1.

Table1:Overviewofourmainlobbying-relateddisclosures

DisclosuresPurpose

General

CorporatePoliticalEngagementPolicyProvidesdetailsofourapproachtocorporatepoliticalengagementinfourareas:

•internalgovernance;

•politicalcontributions;

•responsiblelobbying;and

•recruitmentandsecondmentofindividualsbetweengovernmentbodiesandShell.

Listofindustryassociationsandsimilarorganisations(webpage)Providesalistofindustryassociationsandsimilarorganisationsthatwearea

memberofandpayamembershipfeeof$50,000ormoreinaspecificyear.Regulatedlobbyingdisclosures(webpage)Provideslinkstoourregulatedlobbyingdisclosures.Somejurisdictionsrequire

ustoreportlobbyingexpenditure.

ClimateandtheenergytransitionGlobalclimateandenergytransitionpolicypositions(webpage)Providesaglobalframeworkforouradvocacywithgovernments,international

organisations,industryassociations,coalitionsandotherstakeholders.ClimateandEnergyTransitionLobbyingReport(thisreport)Providesanannualreviewofourdirectandindirectlobbyingonkeyclimate

andenergytransitiontopics.Climateandenergytransitionadvocacyupdates(webpage)Providesperiodicupdatesaboutouradvocacyonkeypolicies,legislation

andregulationrelatedtoclimateandtheenergytransitionataninternational

andcountrylevel.

8ShellClimateandEnergyTransitionLobbyingReport2025

Introduction

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Ourapproach

|

Ourlobbying

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Industryassociationsupdate

|

Appendix

Policyandadvocacyinternalgovernance

OurprinciplesforresponsiblelobbyingapplytoallShell'slobbyingactivities.TheseprinciplesareincludedinShell'sCorporatePoliticalEngagementPolicy,publishedinMay2026.

Ourprinciplesforresponsiblelobbying

•Integrity:Wearecommittedtoethicalbehaviour,integrityandresponsibilityinpoliticalengagement.

•Legitimacy:Wearecommittedtocomplyingwithallapplicablelawsandregulationsofthecountriesinwhichweoperate,includingonlobbying.Ourpoliticalengagementactivitiessupportourstrategy.

•Accountabilityandoversight:TheShellplcBoardsetstheShellGeneralBusinessPrinciplesthatguideallShellactivities,includingpoliticalengagement.ShellCountryChairsandCorporateRelationsoverseeourcorporatepoliticalengagementactivities.

•Consistency:Wecarryoutpoliticalengagementactivitiesconsistentwithourvalues,theShellGeneralBusinessPrinciples,theShellCodeofConductandShell'sCorporatePoliticalEngagementPolicy.

•Transparency:Shell'sCorporatePoliticalEngagementPolicyandwebsite

/advocacyprovidetransparencyabout

ourapproach.

Shell'sinternalgovernancestructuresandprocessesincludethefollowing:

•TheBoardofShellplchasprimaryoversightofthedeliveryofShell'sstrategyandmonitorsperformanceagainstourlonger-termbusinesstargets

.7

•

TheBoardofShellplcperiodicallyreviewsourenergytransitionplansandoverseestheirimplementationanddelivery.8

TheBoardhasoversightofsustainability,includingclimate-relatedimpacts,risksandopportunities

.9

•TheChiefExecutiveOfficer(CEO)hasoverallresponsibilityfortheimplementationofthestrategyapprovedbytheBoard,theoperationalmanagementofShellplcandthebusinessenterpriseconnectedwithit

.10

•TheCEOisassistedonclimate-relatedmattersbymembersoftheExecutiveCommitteetoreviewandimplementShell'senergytransitionplansandensurethatsuchmattersaremonitoredappropriately.

11

•TheVicePresidentPolicyandAdvocacyinCorporateRelationsisauthorisedtoapproveShell'spublicpolicypositionsandannualadvocacy

priorities,includingonclimateandenergytransition,whicharealignedwithandsupportShell'sstrategy.TheVicePresidentPolicyandAdvocacyprovidesupdatestotheExecutiveCommitteeandtotheShellplcBoard'sSustainabilityCommittee(SUSCO).

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

9ShellClimateandEnergyTransitionLobbyingReport2025

Internalgovernanceofindustryassociationmemberships

Ourprinciplesforparticipationinindustryassociationssetoutthegovernanceofourmemberships.Theyalsodescribehowwereviewtheassociations'climateandenergytransitionpolicyandadvocacypositions,andhowweaddressmisalignment.TheprinciplesincludeourcommitmenttoadvocatepoliciesthatwebelieveareinlinewiththegoalsoftheParisAgreementandtheworldachievingnet-zeroemissionsby2050.

Ourprinciplesforparticipationinindustryassociations

Ourapproach

Governance

Wehaveaninternalmanagementframeworkforindustryassociations.ThisbuildsonthefoundationsoftheShellPerformanceFramework,whichistheoverarchingframeworkweusetodeliverourstrategy.

Climateandenergytransitionpolicyandadvocacyalignment

•Withintheindustryassociationsweareamemberof,wearecommittedtoadvocatingpoliciesthatwebelieveareinlinewiththegoalsoftheParisAgreementandtheworldachievingnet-zeroemissionsby2050.

•Wepublishourglobalclimateandenergytransitionpolicypositionson

/advocacy.Theyserveasaglobal

frameworkforouradvocacyonclimateandenergytransitiontopics.Shellrelationshipmanagersforindustryassociationsareprovidedwithguidanceaboutadvocatinginlinewiththesepositions.Wehaveprocessesinplacetoguidestaffifweidentifymisalignmentwithanindustryassociation.

•Wepublishareviewofthepolicyandadvocacypositionsofselectedindustryassociations,whichincludesthemethodologyforselectingandassessingtheassociations.Whereweidentifymisalignmentwithanyofourassessmentcriteria,wesetouthowweplantoaddressthisandprovideanupdatethefollowingyear.TheVicePresidentPolicyandAdvocacyinCorporateRelationshasresponsibilityfortaking

decisionsinrelationtothereviewornextsteps.Wherenecessary,issuescanbeescalatedinaccordancewithourusualescalationprotocol.Thisispartofourannualassuranceprocess.

•Whereweidentifymisalignmentwithanyofourassessmentcriteria,Shelltakesoneormoreofthefollowingstepsdependingonourassessmentoftheimportanceofthetopic,theextentofthemisalignmentandthebroadervalueofourmembership:

–continuetobetransparentaboutourownpolicyandadvocacypositions,andthedifferenceswithourselectedindustryassociations,bypublishingthisinformationonourwebsite;

–remainintheassociationandengagewithitinareaswherewehavedifferentviews;

–pursueouradvocacyindependentlyorthroughotherassociationsorcoalitions;and/or

–reassessourmembership,includingweighingupthebroaderbusinessvalueofremainingintheassociationandthelikelihoodofthe

associationchangingitsposition(s),againstendingactivitiessuchasboardandcommitteeparticipationorendingoverallmembership.

Workingwithindustryassociations

Climateandenergytransitionpolicyandadvocacy

Webelievethatanyindustryassociationweareamemberof,andthatisinvolvedinclimateandenergytransitionpolicyandadvocacy,shouldlobbyinlinewiththegoalsoftheParisAgreementandtheworldachievingnet-zeroemissionsby2050.

Transparency

Webelievethattheindustryassociationsweareamemberofshouldpublishthefollowinginformationontheirwebsites:

•anoverviewoftheassociation'sgovernanceanddecision-makingrelatedtopolicyandadvocacy;

•alistofmembercompanies,includingmembersoftheirgoverningbodyorbodies;and

•theassociation'smainpublicpolicypositions,consultationsubmissionsandotherevidenceofadvocacypositions(ifappropriate).Weencourageindustryassociationstobetransparentabouttheirfeestructuresformembership.

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

10ShellClimateandEnergyTransitionLobbyingReport2025

Parisalignment

TheParisAgreementaimstostrengthentheglobalresponsetothethreatofclimatechangeby"holdingtheincreaseintheglobalaveragetemperaturetowellbelow2°Cabovepre-industriallevelsandpursuingeffortstolimitthetemperatureincreaseto1.5°Cabovepre-industriallevels".Shellsupportsthemoreambitious1.5°CgoaloftheParisAgreement.

Tolimitthetemperatureincreasethiscenturyto1.5°Cabovepre-industriallevels,theworldwouldneedtoreachnetzerobyaround2050,accordingtotheUNIntergovernmentalPanelonClimateChange(IPCC).

Shell'stargetistobecomeanet-zeroemissionsenergybusinessby2050.Wealsohaveshort-,medium-andlong-termtargetstoreducethecarbonintensityoftheenergyproductswesell,measuredusingournetcarbonintensity(NCI)metric.Webelievethesetargetsarealignedwiththe1.5°CgoaloftheParisAgreement.Thereisnoestablishedstandardforaligninganenergysupplier'sdecarbonisationtargetswithinthisgoal.Forthisreason,wehavedefinedourNCItargetusing1.5°CscenariosdevelopedfortheIPCC'sSixthAssessmentReport.SeeourAnnualReportandAccounts2025forfurtherdetailsofourtargetsandprogress

.12

WearecommittedtolobbyingforpoliciesthatwebelieveareinlinewiththegoalsoftheParisAgreementandtheworldachievingnet-zeroemissionsby2050.Thisappliestoourdirectandindirectlobbying.Withintheindustryassociationsweareamemberof,wearecommittedtoadvocatingpoliciesthatwebelieveareinlinewiththegoalsoftheParisAgreementandtheworldachievingnet-zeroemissionsby2050.

11ShellClimateandEnergyTransitionLobbyingReport2025

Our

lobbying

Weadvocatedirectlytogovernments

andindirectlythroughindustryassociationsandcoalitions.

12Reviewofourlobbyingin2025

31Casestudy:OurLNGadvocacy

35Prioritiesfor2026

12ShellClimateandEnergyTransitionLobbyingReport2025

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

Reviewofourlobbyingin2025

Weuseourglobalclimateandenergytransitionpolicypositionstoinformandguideouradvocacy.Weprioritiseandadaptthesepositionsataninternationalandcountrylevel,ensuringwesupportourstrategywhiletakingaccountofthelocalpoliticalandpolicylandscape.

Inthissection,weprovideareviewofkeyaspectsofourclimateandenergytransitionadvocacyin2025.

13

Thisincludes:

•

Net-zeroemissions

•

Carbonpricing

•

Carboncredits

•

Upstream

•

Methaneemissions

•

Roadtransport

•

Aviation

•

Shipping

•

Power

•

Carboncaptureandstorage(CCS)

•

Hydrogen

•

Casestudy:OurLNGadvocacy

Weprovidefurtherdetailsonourclimateandenergytransitionadvocacyupdateswebpage

.14

Introduction

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Ourapproach

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Ourlobbying

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Industryassociationsupdate

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Appendix

13ShellClimateandEnergyTransitionLobbyingReport2025

Net-zeroemissions

Webelievegovernmentsandpolicymakersshouldtranslatenet-zeroemission(NZE)targetsintocomprehensiveworkablepoliciesthatwillhelpachievenationalNZEgoals.Thisshouldincludesettingstrengthenednationallydeterminedcontributionsthatdeliveranemissionsreduction

pathwayconsistentwithnationalNZEtargets,whileensuringsecurityofsupply.Itshouldalsoincludedevelopingcrediblestrategiesandroadmapsforkeysectorsalongwithappropriatefiscalframeworks.

Wearealsocallingongovernmentstosupportprivate-sectorinvestmentthroughpredictable,coherentandbalancedpolicymaking,andto

ensureafairdistributionoftheeconomicandsocialcostsandbenefitsofthetransitiontonetzero.Thisshouldbeinthecontextofmaintainingcompetitivenessandrecognisingthegrowingurgencytoprotectandenhancebiodiversityandothernaturalresources.

COP30

In2025,twoattendeesfromShellwerepresentatCOP30inBelém,Brazil.Thepurposeoftheirattendancewastogatherexternalinsightsandlearnaboutthelatestpolicydevelopments,engagewithkeystakeholdersandstrengthenourglobalpartnerships.Weendorsedan

industrylettertotheCOP30Presidencythatencouragedittodriveinternationalcollaborationandcommitmentstoincreasetheproductionanduseofsustainablefuels

.15

EuropeanUnion

IntheEU,werespondedtotheEuropeanCommission'spublicconsultationontheamendmenttotheEuropeanClimateLaw.

16

WestatedourviewthattheEUneedstoprioritisepoliciesdesignedtoacceleratethebusinesscaseforinvestmentsinlow-carbonsolutions,andsafeguardEurope'sindustrialcompetitiveness.Thisincludescreatingmarketdemandforlow-carbonproducts,de-riskinginnovationandpromoting

cross-borderinfrastructurestandardisation.

InDecember2025,theEUreachedaprovisionalagreementontheamendmenttotheEuropeanClimateLaw,whichwewelcomed.

Thisincludesabindingtargetofa90%netreductioningreenhousegasemissionsintheEUby2040,relativeto1990levels.Italsoallowstheuseofinternationalcreditstomeetupto5%ofthe2040target.InMarch2026,theCounciladoptedtheamendedEuropeanClimateLaw,markingthefinalstepinthelegislativeprocess.

WerespondedtotheEuropeanCommission'scallforevidenceontheIndustrialAcceleratorAct(IAA)andsignedanindustrylettertothe

EuropeanCommissioninsupportofit.

17

TheIAAisacentralpillaroftheEU'sCleanIndustrialDeal.Itaimstoincreasedemandforlow-carbon,European-madetechnologiesandproducts,includingfromenergy-intensiveindustries.WesupporttheEU'sfocusondeliveringaninvestment-drivenagendathatadvancesbothdecarbonisationandeconomicgrowth.WealsoadvocatedtheuseofmandatesintheIAAtorequire

companiesincertainsectors,suchasthechemicalssector,topurchaselow-carbonproducts.Webelievethiswouldhelpcreatedemandforlow-carbonproductsandtechnologies,forexamplelow-carbonsteel.

NorthAmerica

InCanada,werespondedtotheCanadiangovernment's2025pre-budgetconsultation.Ourresponsehighlightedtheimportanceofindustrialcompetitivenessanddecarbonisation.

18

ThegovernmentintroducedaClimateCompetitivenessStrategyaspartofthe2025federalbudget.Weareencouragedbythegovernment'sfocusoncompetitiveness,andmanyelementsoftheClimateCompetitivenessStrategyarealignedwithShell'spositions.Theseincludemulti-decadecarbonpricetrajectories,carbonmarketintegration,andprovidinginvestmentcertainty

tosupportemissionsreductionprojects.

IntheUSA,wecontinuedtoworkwiththinktanksandcoalitionstosupporttheenergytransition.TheseincludedtheClimateLeadership

Council,theCenterforClimateandEnergySolutions(C2ES)andResourcesfortheFuture(RFF).Wefocusedonseekingtoinfluence

conversationsrelatedtoproduct-levelcarbonintensity,carbonaccounting,carbonborderadjustmentsandothertradepoliciestoencourageemissionsreductionsinglobaltrade.

Introduction

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Ourapproach

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Appendix

14ShellClimateandEnergyTransitionLobbyingReport2025

WeadvocateddirectlytotheUSgovernmentand,wherepossible,throughourindustryassociations,toprotectkeyenergytaxcredits

19

andfundingforcleanenergyprojectsundertheInflationReductionActandtheInfrastructureInvestmentandJobsAct.Aparticularfocusin2025wasadvocatingthattheOneBigBeautifulBillshouldprotectkeyenergytaxcredits.WeadvocateddirectlytotheofficesoftheHouseof

RepresentativesandtheSenate,andindirectlythroughindustryassociationsandcoalitions.Asaresultofindustry'sadvocacy,theOneBigBeautifulBillActwillprotectthe45QCarbonSequestrationTaxCredit,partiallyprotectthe45VCleanHydrogenProductionTaxCredit,andprovidelimitedprotectionofthe45ZCleanFuelProductionTaxCredit(includingsustainableaviationfuel).Forfurtherdetails,seethe"Aviation"sectionon

page23

,the"Carboncaptureandstorage"sectionon

page27

andthe"Hydrogen"sectionon

page29

.

WealsoadvocatedthepreservationofcriticalUSgreenhousegasregulationsfrompreviousadministrations,includingthe2009GreenhouseGasEndangermentFindingandthe2009GreenhouseGasReportingProgram.See

pages40-41

forfurtherdetails.

Workingwithothercountries

Wealsoworkwithothercountriesastheydeveloptheirenergytransitionstrategies.Forexample,inChina,wecontinuedtoworkwiththe

DevelopmentResearchCentre(DRC)ofChina'sStateCouncilonitsnextstudy,whichaimstoexploreChina'senergytransitionstrategyandpolicies.Since2011,wehavecompletedfourjointstudieswiththeDRC.Thelateststudy–EmbracingtheFuture,PoweringGrowth:AnEnergySystemRenewedforChina–waspublishedinEnglishinJune2025.Theresultsofthestudiesareavailableinopenaccessbooksandwe

providelinksonourwebsite.

20

InKazakhstan,wehaveengagedwiththegovernmentdirectly,andthroughtheindustryassociationKAZENERGY,onthedevelopmentoftheKazakhstanroadmaptoachievenet-zeroemissionsby2060.WeparticipatedinworkinggroupsorganisedbytheEconomicResearchInstituteundertheMinistryofNationalEconomy,focusingontheroadmapandtheassociatedcarbonregulationrequirements.

ShellScenarios

Inourengagementswitharangeofstakeholders,includinggovernmentsandacademia,weoftenuseourscenarios.

21

Ourscenariosarenotpredictionsorexpressionsofourstrategyandarenotourbusinessplans.InJanuary2026,wepublishedthe"2026EnergySecurityScenarios:Challengestothetransition",whichlookatthreepossiblevisionsofaworldbalancinggeopoliticaltensions,anAI-drivenriseinenergydemand,andincreasingCO2emissions.

22

Thethreescenarios–Archipelagos,SurgeandHorizon–exploretrade-offsbetweenenergysecurity,economicgrowthandaddressingcarbonemissions.

Wealsopublishshorterscenariosreports,calledsketches,whichareeitherbasedontheenergysecurityscenariospublishedat

thetimethesketchwascreated,orfocusonthedynamicsforenergyanddecarbonisationinspecificcountries,regionsorsectors.

23

Inrecentyears,wehavepublishedscenariossketchesforBrazil,China,theEU,Indonesia,theUAE,theUSAandSingapore.

Wealsopublishedasketchcalled"TheDigitalisationofSociety".

InBrazil,weusedour2025EnergySecurityScenariosand"ScenariosSketchBrazil:Leadingtheworldtonet-zeroemi