Shell is intensifying its cost-cutting strategy by targeting savings of $5bn to $7bn annually by 2028 while facing backlash for increasing CEO Wael Sawan's pay by 8.5% to $8.6 million. The decision has provoked outrage from environmental advocates, especially as Shell recently downgraded its climate commitments. The company aims to direct 10% of its budget towards lower carbon initiatives by the end of the decade, despite cutting jobs in its low-carbon sector. This shift has come amid declining profits, raising questions about Shell's commitment to climate goals and corporate responsibility.
"After a year of uncharted climate extremes and huge energy bills, which are set to spike again in many countries this year, Wael Sawan's obscene pay packet will feel like a slap in the face for millions."
"Shell aims to strip out a cumulative $5bn to $7bn a year by the end of 2028, significantly increasing previous savings targets amid mounting criticism over executive pay."
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