Shell - EU Taxonomy Data: Eligible & Aligned Revenues, CAPEX & OPEX

Shell's EU Taxonomy Data Preview

In 2025, Shell was subject to the Corporate Sustainability Reporting Directive (CSRD)'s requirements, which mandated the company to publish EU Taxonomy disclosures.

The company reported the eligibility and alignment of Turnover, Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) with the EU Taxonomy, helping assess the extent to which its business activities align with Europe's environmental sustainability goals.

turnoveropexcapex

Metric	2025	2024	2023
Total Taxonomy Aligned Turnover	0%^a	0.2%^b	0.2%^c
Total Taxonomy Eligible Turnover	0%^a	3.3%^b	2.7%^c
Activity Level Taxonomy Aligned Turnover (2 activities)
4.3 CCM/CCA - Electricity generation from wind power	N/A	0.1%^b	0.1%^c
6.15 CCM - Infrastructure enabling low-carbon road transport and public transport	N/A	0.1%^b	N/A

Metric	2025	2024	2023
Total Taxonomy Aligned Opex	0%^a	2.4%^b	0.6%^c
Total Taxonomy Eligible Opex	0%^a	24.7%^b	25.9%^c
Activity Level Taxonomy Aligned Opex (4 activities)
4.1 CCM/CCA - Electricity generation using solar photovoltaic technology	N/A	0.1%^b	N/A
4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids	N/A	0.1%^b	N/A
4.3 CCM/CCA - Electricity generation from wind power	N/A	2.2%^b	0.5%^c
6.15 CCM - Infrastructure enabling low-carbon road transport and public transport	N/A	N/A	0.1%^c

Metric	2025	2024	2023
Total Taxonomy Aligned Capex	4.6%^a	6%^b	13.3%^c
Total Taxonomy Eligible Capex	10.9%^a	10.6%^b	19.2%^c
Activity Level Taxonomy Aligned Capex (6 activities)
3.10 CCM/CCA - Manufacture of hydrogen	N/A	0.8%^b	0.6%^c
4.1 CCM/CCA - Electricity generation using solar photovoltaic technology	N/A	2.3%^b	2.3%^c
4.10 CCM/CCA - Storage of electricity	N/A	0.1%^b	0.3%^c
4.13 CCM/CCA - Manufacture of biogas and biofuels for use in transport and of bioliquids	N/A	0.8%^b	4.7%^c
4.3 CCM/CCA - Electricity generation from wind power	N/A	1%^b	2.2%^c
6.15 CCM - Infrastructure enabling low-carbon road transport and public transport	N/A	1.1%^b	3.1%^c

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Verified Sources Behind Shell’s EU Taxonomy Data

Every figure on this dashboard has a transparent audit trail. With Tracenable, each data point is traceable back to its original source, viewable directly inside our platform.

a. Shell's Annual Report 2025

b. Shell's Annual Report 2024

c. Shell's Annual Report 2023

d. Shell's Annual Report 2022

Insights into Shell's Revenues from Sustainable Activities

In 2025, Shell reported EU Taxonomy-eligible revenues of USD 0, representing 0% of its total turnover. Of this amount, USD 0 of Shell's revenues was classified as EU Taxonomy-aligned, indicating that 0% of the revenue-generating activities undertaken by the company substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).^a

Shell's Taxonomy-Eligible Turnover Over Time

Total Taxonomy Eligible Turnover
Total Taxonomy Aligned Turnover

Have Shell's revenues become more sustainable over time?

Compared to the previous year (2024), Shell's taxonomy-aligned revenues decreased by 100%, suggesting that Shell may have deprioritized sustainable activities, shifted focus away from green offerings, or reduced transparency in its EU Taxonomy reporting.^{a, b}

Insights into Shell's CAPEX from Sustainable Activities

In 2025, Shell reported EU Taxonomy-eligible CAPEX of USD 3.25 billion,representing 10.9% of its total CAPEX. Of this amount, USD 1.37 billion of Shell's CAPEX was classified as EU Taxonomy-aligned, indicating that 4.6% of the company's investments were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).^a

Shell's Taxonomy-Eligible Capex Over Time

Total Taxonomy Eligible Capex
Total Taxonomy Aligned Capex

Have Shell's increased its investment in sustainable activities over time?

Compared to the previous year (2024), Shell's taxonomy-aligned CAPEX decreased by 23.33%,suggesting that Shell may have scaled back investments in sustainable projects, reprioritized its capital deployment, or reduced transparency in its taxonomy-aligned disclosures.^{a, b}

How much of Shell's capital expenditure (CAPEX) is eligible under the EU Taxonomy?

In 2025, Shell reported that USD 3.25 billion of its capital expenditure (CAPEX) was eligible under the EU Taxonomy, representing 10.9% of the company's total CAPEX. Of this amount, USD 1.37 billion (4.6% of total CAPEX) was classified as Taxonomy-aligned. This means that 6.3% of Shell's CAPEX is eligible but not aligned, indicating that these investments either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).^a

How much of Shell's eligible CAPEX is aligned with the EU Taxonomy?

In 2025, Shell reported that USD 1.37 billion of its CAPEX was aligned under the EU Taxonomy, representing 4.6% of its total capital investment.^a

This low alignment reflects that Shell is beginning to transition its capital allocation toward greener investments, but still retains substantial opportunities for further alignment with sustainability goals.

Shell's Eligibility & Alignment Overview

Shell's Contribution to Environmental Objectives

Total Taxonomy Aligned Capex

How is Shell's taxonomy-aligned CAPEX distributed across the EU environmental objectives?

In 2025, Shell reported that its taxonomy-aligned capital expenditure (CAPEX) was distributed across the following EU environmental objectives^a:

Climate Change Mitigation: 4.6%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%

How much Shell is investing in climate-related solutions?

In 2025, Shell allocated USD 1.37 billion of its CAPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 4.6% of the company's total capital expenditure,indicating that Shellhas only marginally directed its capital expenditure toward climate-related activities, suggesting limited alignment with climate objectives.^a

Insights into Shell's OPEX from Sustainable Activities

In 2025, Shell reported EU Taxonomy-eligible OPEX of USD 0,representing 0% of its total operating expenses (OPEX). Of this amount, USD 0 of Shell's OPEX was classified as EU Taxonomy-aligned, indicating that 0% of the company's operating expenses were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).^a

Shell's Taxonomy-Eligible Opex Over Time

Total Taxonomy Eligible Opex
Total Taxonomy Aligned Opex

Have Shell's increased its spending in sustainable activities over time?

Compared to the previous year (2024), Shell's taxonomy-aligned OPEX decreased by 100%, suggesting that Shell may have reduced spending on environmentally sustainable activities, adjusted its operational priorities, or decreased the scope of its taxonomy-related disclosures.^{a, b}

Shell PLC

Shell's EU Taxonomy Data Preview

Verified Sources Behind Shell’s EU Taxonomy Data

Insights into Shell's Revenues from Sustainable Activities

Shell's Taxonomy-Eligible Turnover Over Time

Have Shell's revenues become more sustainable over time?

Insights into Shell's CAPEX from Sustainable Activities

Shell's Taxonomy-Eligible Capex Over Time

Have Shell's increased its investment in sustainable activities over time?

How much of Shell's capital expenditure (CAPEX) is eligible under the EU Taxonomy?

How much of Shell's eligible CAPEX is aligned with the EU Taxonomy?

Shell's Eligibility & Alignment Overview

Shell's Contribution to Environmental Objectives

How is Shell's taxonomy-aligned CAPEX distributed across the EU environmental objectives?

How much Shell is investing in climate-related solutions?

Insights into Shell's OPEX from Sustainable Activities

Shell's Taxonomy-Eligible Opex Over Time

Have Shell's increased its spending in sustainable activities over time?

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Shell PLC

Shell's EU Taxonomy Data Preview

Verified Sources Behind Shell’s EU Taxonomy Data

Insights into Shell's Revenues from Sustainable Activities

Shell's Taxonomy-Eligible Turnover Over Time

Have Shell's revenues become more sustainable over time?

Insights into Shell's CAPEX from Sustainable Activities

Shell's Taxonomy-Eligible Capex Over Time

Have Shell's increased its investment in sustainable activities over time?

How much of Shell's capital expenditure (CAPEX) is eligible under the EU Taxonomy?

How much of Shell's eligible CAPEX is aligned with the EU Taxonomy?

Shell's Eligibility & Alignment Overview

Shell's Contribution to Environmental Objectives

How is Shell's taxonomy-aligned CAPEX distributed across the EU environmental objectives?

How much Shell is investing in climate-related solutions?

Insights into Shell's OPEX from Sustainable Activities

Shell's Taxonomy-Eligible Opex Over Time

Have Shell's increased its spending in sustainable activities over time?

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TotalEnergies SE

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