Shell now says it plans to move with society rather than drive the energy transition. Yet, bets on shale. l l l “Shell plans to keep pace and catch up with society’s progress towards the Paris goals.” – Shell’s Energy Transition Report, 2018 “Shell’s portfolio will evolve. And things like renewables will become a bigger part of what we do. But that pace of change will be linked to the pace of change in society.” – Ben van Beurden at the Oil and Money Conference in London on 9 October 2018 “Shell bets on shale for flexibility in energy transition” – Financial Times, 17 October 2018

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