Shell's Changemakers Of Tomorrow event launched by Hon'ble Minister Shri Madhu Bangarappa

It is inspiring to experience an event like Changemakers of Tomorrow that brings together the brilliance and creativity of young minds, industry leaders, and innovators. Shell’s commitment to nurturing talent is commendable and as Karnataka strives to become a hub for knowledge and technological advancements, such initiatives will help equip the youth with the mindset and skills necessary to create a more resilient energy future”, said Shri Madhu Bangarappa , Honourable Minister for Primary & Secondary Education, Government of Karnataka.

Mansi Madan Tripathy, Chairperson, Shell Group of Companies in India, said, "As we witness the remarkable response to Changemakers of Tomorrow, it is clear that India’s youth are not just dreaming of a sustainable energy future but actively engineering it. This event spotlights the extraordinary potential and ingenuity of our next generation, who are poised to redefine the energy landscape in India. At Shell, our goal is to equip these innovators with tools, knowledge and support to drive transformative change. With this event, we are turning our vision into reality, ensuring a balanced transition to meet today’s energy needs while building the energy system of the future through technological innovations.”

The event showcased flagship initiatives such as Shell's NXplorers program featuring school students, Shell E4 incubated startups, and pioneering ideas in the space of low-carbon technologies and energy storage. It also included masterclasses and engaging sessions organized by Shell’s partners like Wipro, Microsoft, Accenture, Infosys, HP and Tata Consultancy Services, highlighting the power of partnerships and digital innovation to transform the energy landscape.

“We are proud to see Bengaluru, the heart of our state's innovation and technology sector, hosting such a significant event. India’s energy landscape is evolving rapidly, and the transition to a sustainable and resilient energy future is paramount for our nation’s growth. With platforms like Changemakers of Tomorrow that support young entrepreneurs and foster industry collaborations and dialogues, Shell is creating a dynamic ecosystem poised to accelerate India’s transition to a low-carbon economy,” said Shri Gaurav Gupta (IAS), Additional Chief Secretary, Energy and Water Resources, Government of Karnataka.

Other highlights of the event included a panel discussion featuring leading industry experts - Kamal Bali, President and Managing Director, Volvo Group India; Vijay Nirani, Managing Director, Nirani Group and TruAlt Energy, and Mansi Madan Tripathy, Chairperson, Shell Group of Companies in India. They spoke about the significance of collaboration in expanding energy choices towards a low-carbon future in India.

About Shell India

Shell is a diversified energy company in India with 13,000 employees, and presence in Integrated Gas, Downstream, Power, Renewables and Upstream with deep capabilities in R&D and digitalisation. As India moves towards its target of net-zero emissions by 2070, Shell India aims to play a leading role in securing vital energy for today, while investing in, and helping to build, the energy system of the future through its strategic investments in the country. Our lubricants business has a strong network of over 200 distributors and operates a world-class blending plant at Taloja, Maharashtra. Through our 350-plus retail stations, we offer an integrated mobility experience including fuels, cafes, and convenience stores, with a prominent network of EV recharging facilities. Shell owns and operates an LNG re-gasification terminal at Hazira, Surat, with a capacity of 5 MTPA and a LNG truck-loading unit, that is helping meet India’s growing demand for gas across sectors. Sprng Energy, acquired by Shell in 2022 in a $1.55 billion deal, is a leading renewable energy company in India with solar and wind assets. Our three capability centres across Bengaluru and Chennai serve as a technology and innovation powerhouse for Shell globally, working as a delivery engine for core technical, digital, and finance processes. We are committed to positively contributing to the communities in which we operate through our programs in STEM education, skilling, and livelihood across India. We nurture and invest in startups focused on accelerating energy innovation through Shell E4 and Shell Eco-marathon and have strategic investments in new energy companies such as Husk Power, d.light, Orb Energy, and Cleantech Solar.

Cautionary note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement, “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 announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. 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 announcement 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’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ 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 announcement, 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; 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 announcement 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, 2022 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, September 9, 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 announcement.

Shell’s net carbon intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, 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 only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is 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 Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are 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 announcement 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.

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We may have used certain terms, such as resources, in this announcement 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.