Transcript

[Shell music plays] Today I'd like to comment on the progress we've seen in 2024 in Shell Catalysts & Technologies and what we can expect for 2025 in the world of decarbonisation and sustainability. This year has been a roller coaster for many carbon capture projects, nearing Final Investment Decision. While some have faced challenges with investability and affordability, others have made significant strides. We'll explore the sectors making the most progress with the regions leading the charge. In 2024, we've seen notable advancements in decarbonisation of gas power, waste-to-energy, cement, oil and gas and in particularly in certain parts of the world. Among the five value chains we focus on at Shell Catalysts & Technologies, carbon capture and hydrogen have gained the most traction due to the maturity of the solutions. Several carbon capture projects have successfully reached and past Final Investment Decisions, including Shell's, Polaris Cap project in Canada, and initiatives by ADNOC. Whilst value chains like X-to-Liquids and plastic circularity are building momentum, but they will take a few more years to reach this level. The highest activity have been observed in the U.S., Canada, U.K., Nordics, and parts of the Northwest Europe and the Middle East. These regions benefit from more advanced government policies and regulatory frameworks, allowing them to move faster than the rest of the world. Despite the progress, the pathway to profitable decarbonisation remains unclear. There are uncertainties and the cost of decarbonisation solutions, green premiums on the products, and government policies. Projects are at various stages from feasibility to feed, and this adds to the complexity. And looking ahead, we see significant potential in syngas products for sustainable aviation fuel, hydrogen and ammonia, plastic circularity, renewable fuels, and carbon capture. These technologies will play a crucial role in our decarbonisation efforts. So as we move into 2025, our focus will be on getting more projects to a Final Investment Decision and beyond in an affordable and investible manner. We'll work closely with partners to reduce technology costs, focusing on the total product, including constructability and modularization. Our goal is to evolve technologies to make them more investible and find the technologies of the future. We look forward to working even more closely with our customers and partners across the hard-to-abate industry, to tackle these challenges together. Whether your needs are in decarbonisation or sustainability, from framing, transition pathways to licensing complex integrated technologies, we're here to help. Let's get more projects to Final Investment Decision and beyond - making them affordable and investible. [Shell music Plays] [Shell mnemonic]