Indian Equities Slide at Open as Rising Crude and Geopolitical Risks Trigger Sell-Off

CGTN: How the SCO opens up opportunities for regional development as it turns 25

CGTN published an article exploring how the SCO has evolved from a security-focused mechanism into a comprehensive regional cooperation platform covering areas such as economic development and technological innovation and what role China has played in advancing cooperation within the organization.

BEIJING, Sept. 2, 2026 /PRNewswire/ — Deep in Uzbekistan’s Jizzakh Region, a vast solar farm is transforming the landscape of the Gobi Desert. Tens of thousands of photovoltaic panels stretch across the barren land, capturing sunlight to generate clean energy.

In March, Phase I of the power plant project, built and operated by a Chinese company, began commercial operations. Once fully completed, the project is expected to generate 1.1 billion kilowatt-hours of clean electricity annually, enough to meet the needs of around 400,000 residents.

The solar plant is one of the latest examples of China-SCO cooperation translating into tangible development outcomes. Over the past 25 years, the Shanghai Cooperation Organization (SCO) has expanded from a regional security mechanism into a broad platform for cooperation, with development becoming an increasingly important focus.

Prioritizing development to boost shared prosperity

On Tuesday, Chinese President Xi Jinping attended the 26th Meeting of the Council of Heads of State of the SCO Member States, which coincided with the 25th anniversary of the organization’s founding.

During his speech, Xi put forward four proposals for advancing the SCO’s future development. One key proposal he emphasized was to prioritize development and work toward shared prosperity among SCO member states.

He also highlighted the Shanghai Spirit, featuring mutual trust, mutual benefit, equality, consultation, respect for diversity of civilizations and pursuit of common development, saying the Shanghai Spirit is the organization’s most valuable spiritual asset.

Over the past 25 years, guided by the Shanghai Spirit, the SCO has seen growing trade, deeper investment ties and stronger regional connectivity, creating new opportunities for economic development across the region.

The China-Kyrgyzstan-Uzbekistan railway, for instance, shows how infrastructure cooperation is driving regional development. In December 2024, its construction officially began. Once completed, the route will become a major transport corridor linking China with Central Asia and the wider Eurasian continent, greatly improving trade efficiency and creating broader economic opportunities.

Various cooperation platforms are also facilitating closer economic exchanges among SCO states. Last month, a local economic and trade cooperation conference was held in Bishkek, bringing together more than 100 companies. The event resulted in 193 cooperation agreements and trade deals worth around 1.74 billion yuan ($259 million). Meanwhile, the China-SCO Digital Economy Cooperation Platform, launched in Tianjin one year ago, has already facilitated 29 cross-border cooperation projects covering areas such as computing infrastructure, digital trade and commercial aerospace.

Over the past 25 years, the SCO has evolved into a major regional cooperation platform. Its economic cooperation is shifting from individual projects to stronger institutional frameworks and from bilateral efforts to multilateral coordination, paving the way for more integrated, high-quality and sustainable development across the region.

China: A strong promoter of SCO cooperation

At Tuesday’s summit, Xi said China views the SCO as a priority area for high-quality Belt and Road cooperation and for implementing the Global Development Initiative.

He announced that China would continue hosting events such as the SCO Digital Economy Forum and the SCO Agricultural Expo and will develop an international AI application cooperation center with SCO countries, implement 100 technological cooperation projects with other SCO countries in the next three years and nurture more green industry talents through China-SCO cooperation.

As a founding member of the SCO, China has been a key driver of practical cooperation within the organization.

Shortly after the SCO was founded, China proposed advancing trade and investment facilitation among member states. In 2003, the SCO adopted a multilateral economic cooperation program featuring a three-stage roadmap: promoting trade and investment facilitation in the short term, building stable and transparent rules in the medium term and gradually enabling freer flows of goods, capital, services and technology in the long term.

China has also provided financial support for regional cooperation projects. As of July 2025, China’s accumulated investment in other SCO member states had exceeded $84 billion, making it the largest source of investment and financing for Tajikistan, Kyrgyzstan, Uzbekistan and Pakistan.

At last year’s Tianjin Summit, China proposed establishing cooperation platforms in energy, green industries and the digital economy, along with centers for scientific innovation, higher education and vocational education. All six initiatives have since been launched, generating more than 160 cooperation projects covering clean energy, digital applications and joint talent development.

Egor Prokhin, a researcher at Russia’s Higher School of Economics, said China has played a central role in the SCO’s development.

“The Belt and Road Initiative has helped improve transportation and trade connectivity among Eurasian countries, while the Global Development Initiative has contributed to economic growth and improved livelihoods,” he said, adding these initiatives closely align with the development priorities of SCO members, creating opportunities for businesses and bringing tangible benefits to people across the region.

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Running meets glamour: Face Glitter becomes the new Race-Day trend

From Finish Lines to Face Glitter: Women Runners turn Race Day into a celebration of self-expression

Hyderabad, Sept 02: Running a marathon is no longer just about pace, endurance and crossing the finish line. At the 15th edition of the NMDC Hyderabad Marathon 2026 powered by IDFC FIRST Bank, a new race-day culture was clearly visible, particularly among women runners—face glitter, colourful make-up and carefully styled race-day looks. Several women participating in the Half Marathon and Full Marathon were seen adding a touch of glamour to their running gear, turning the race course into a celebration of individuality, confidence and joy.

For many runners, “Run Good, Look Good, Feel Good” is increasingly becoming part of the marathon experience. Chennai-based half marathoners Anantha Sri, Swetha and Anjana, who participated in the Hyderabad race, were among those embracing the trend. Some runners also arrived with photographers, videographers and dedicated reel makers to capture their race-day journey. What was once primarily about fitness and finishing a race is increasingly becoming an opportunity to express oneself, create memories and share a personal running story.

The face-glitter trend may appear to be a small race-day fashion statement, but it reflects a larger evolution in running culture. Runners today are not merely chasing personal bests and timing certificates; they are celebrating milestones, friendships, fitness journeys and individual identities. For many women, dressing up, adding a touch of glamour and confidently expressing themselves while running several kilometres has become a joyful part of the marathon experience. The race course is becoming not just a place to run, but also a place to express, celebrate and be seen.

This spirit of self-expression extends beyond fashion. Several male runners too were seen arriving with the latest running gadgets, action cameras, selfie sticks, smart watches and other devices to record themselves on the move. The rise of the “content runner” is becoming increasingly noticeable, with some runners carrying cameras themselves, while others bring along photographers or videographers to document their race from the starting line to the finish.

The trend points to a wider evolution of India’s running ecosystem. Running shoes and timing watches are now being complemented by action cameras, wireless headphones, smart wearables, hydration accessories, performance apparel, beauty products and content-creation equipment. The marathon route itself has become a backdrop for photographs, reels and personal stories. The medal may still be the ultimate reward, but for many runners, the memories captured along the way are becoming almost as valuable as the finish-line moment.

The phenomenon is particularly visible among younger and socially connected runners, for whom participation is also about identity, community and self-expression. A runner can chase a personal best, look their best, record the journey and share the achievement—all in the same race. The modern marathon is therefore evolving from simply “run to finish” to “run, experience, capture and share.”

The new race-day mantra could well be: Run good. Look good. Feel good. Capture it. Share it.

Sceye and SoftBank Corp. Complete Stratospheric Connectivity Demonstration in Japan, Advancing Towards HAPS Commercialization

First mission of Sceye’s Service Test Program travels more than 15,000 km from New Mexico to Japan in the stratosphere, backhauls into SoftBank Corp.’s core network, verifies Direct-to-Device and edge computing capabilities and HAPS-based communications with drones.

TOKYO, Sept. 2, 2026 /PRNewswire/ — Sceye, a U.S. aerospace and material science company specializing in High-Altitude Platform Systems (HAPS) for telecommunications and real-time environmental monitoring, today announced the successful trans-Pacific flight of its Service Test 1 (ST1) mission from New Mexico to Japan. Traveling more than 15,000 km through the stratosphere in 13 days, upon arrival over Japan, ST1 demonstrated mobile broadband connectivity to unmodified devices through SoftBank Corp.’s core network and HAPS-based edge computing and communication with drones to support the development of a 3D communications network.

Conducted in partnership with SoftBank Corp. (TOKYO:9434, “SoftBank”), a leading operator of telecommunications and IT businesses in Japan and globally, ST1 marks Sceye’s first flight to Asia and a groundbreaking milestone towards the commercial deployment of HAPS as stratospheric infrastructure.

“This flight marks a defining moment for Sceye and for the commercial potential of HAPS,” said Mikkel Vestergaard Frandsen, Founder and CEO of Sceye. “Flying from the US to Japan demonstrates the performance required to make the stratosphere a viable layer of infrastructure and realize the future of AI, edge computing, and 6G. Together with SoftBank, we are moving beyond proving the technology to demonstrating how Sceye can complement and extend existing networks and deliver persistent connectivity at scale.”

The stratosphere offers the optimal vantage point: It is close enough to Earth for high-capacity connectivity and observation, yet the altitude is high enough for wide-area reach. Importantly, the stratosphere offers space-like conditions without the cost of being in space and the disadvantages of being in orbit. Sceye’s HAPS maintain altitude and their area of operation in the stratosphere through consecutive day and night cycles, operating like geostationary satellites, only 1,800 times closer to Earth and at a fraction of the cost.

In 2025, SoftBank Corp. invested in Sceye’s HAPS-based stratospheric infrastructure as a scalable solution to complement terrestrial towers and satellite constellations. The strategic partnership advances a shared vision for HAPS and Non-Terrestrial Networks (NTN) as transformative infrastructure that can expand connectivity, support communications during disasters, and enable future applications across AI, IoT, aerial communications, edge computing, and 6G.

ST1 carried SceyeCELL, a first-of-its-kind “cell tower in the sky” designed to deliver wide-area mobile broadband directly to standard devices from the stratosphere. When deployed at full scale, one Sceye HAPS is designed to cover the equivalent area of approximately 500 terrestrial towers. During the ST1 mission, Sceye and SoftBank demonstrated mobile broadband from the stratosphere, including text messaging, voice calls, internet access, and video streaming. Testing also included emergency calls, using an emergency alert messaging system designed for large-scale disasters, and communications with drones.

Sceye’s ST1 mission launched on August 9, 2026 at 7:00 AM MDT from New Mexico. Additional notable mission attributes include:

• Traveled more than 15,000 km across the Pacific to Japan in 13 days
  
  
  
  
• Operated within Japanese managed air space for over 7 days
  
  
  
  
• Remained continuously within its area of operation for an extended period, achieving a station-seeking radius as low as 5 km
  
  
  
  
• Operated at approximately 16.5 km in altitude while completing telecommunications, drone, and emergency communications
  
  
  
  
• Confirmed communications performance equivalent to that of terrestrial networks while reducing radio interference with ground-based base stations
  
  
  
  
• Through a server installed on the HAPS, Sceye and SoftBank conducted data processing directly on the platform, demonstrating average round-trip processing response time of 68 milliseconds, reducing communications latency by over 40% compared with internet-based cloud processing. This marks the world’s first successful test in which a mobile core network and a web server for processing were installed on a HAPS, enabling response processing to be performed entirely onboard the HAPS and the results to be relayed back to smartphones.

ST1 remains in flight, returning towards the United States over the Pacific Ocean at the time of this announcement.

“SoftBank aims to build next-generation communications infrastructure that seamlessly connects the ground, the sky, and space. The fact that Sceye’s HAPS reached Japan from the United States and successfully provided Japan’s first trial services from the stratosphere in Japan’s airspace marks an important step toward the commercialization of HAPS, which is at the core of this vision,” said Junichi Miyakawa, President & CEO of SoftBank Corp. “By combining the HAPS flight and operational technologies that Sceye has developed with SoftBank’s communications technologies, we have gained confidence to realize a three-dimensional communications network utilizing HAPS. Going forward, in collaboration with Sceye, we will continue to integrate a wide range of technologies, including communications and AI, to develop HAPS into a new form of social infrastructure.”

This flight builds on Sceye’s Endurance Program, completed earlier this year, when its SE2 HAPS traveled more than 10,000 km in the stratosphere from New Mexico to the coast of Brazil where it stayed over its area of operation for several days to test long-duration performance in preparation for the Service Test Program, the first of which flew to Japan.

About Sceye

Founded in 2014, Sceye (pronounced “sky”) is an aerospace company dedicated to advancing stratospheric technology to connect people and protect the planet. Sceye leads the High-Altitude Platform Systems (HAPS) industry, focusing on universal connectivity, climate monitoring, natural resource management, and disaster prevention.

Contact: press@sceye.com 

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Manulife Financial Corporation Prices U.S. Public Offering of Subordinated Notes

C$ unless otherwise stated                                              TSX/NYSE/PSE: MFC    SEHK:945

TORONTO, Sept. 2, 2026 /PRNewswire/ — Manulife Financial Corporation (NYSE: MFC) (the “Company”) today announced that it has priced a public offering in the United States of U.S.$750,000,000 aggregate principal amount of 6.146% subordinated notes due 2041 (the “Notes”) at a public offering price of 100.000%. The Notes are anticipated to qualify as Tier 2 regulatory capital of the Company.

The Notes are expected to be issued on September 11, 2026 and will bear interest at a fixed annual rate of 6.146% for the period from, and including, the issue date to, but excluding, September 11, 2036 (the “Reset Date”), and, during the period from, and including the Reset Date to, but excluding, September 11, 2041, at an annual rate equal to the CMT Rate (as defined in the prospectus supplement) determined on the third business day immediately preceding the Reset Date plus a spread of 1.350%. The Company may, at its option, redeem the Notes, in whole at any time or in part from time to time, with the prior written approval of the Superintendent of Financial Institutions (Canada) (the “Superintendent”), on or after September 11, 2031 and prior to the Reset Date at the applicable make-whole redemption price described in the prospectus supplement. The Company may also redeem the Notes, in each case, in whole, but not in part, with the prior written approval of the Superintendent, (i) on the Reset Date, (ii) at any time within 90 days following a specified regulatory event or (iii) at any time following a specified tax event, in each case, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

The offering was made pursuant to a preliminary prospectus supplement, dated September 1, 2026, to the Company’s registration statement declared effective by the Securities and Exchange Commission (the “SEC”) on September 29, 2025.

The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, which may include future refinancing requirements.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.

This release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A prospectus supplement and the accompanying prospectus related to the offering have been filed with the SEC and are available on its website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus, when available, may be obtained by contacting BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001; Attention: Prospectus Department; Email: dg.prospectus_requests@bofa.com; Telephone: 1-800-294-1322; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; Email: prospectus@citi.com; Telephone: 1-800-831-9146; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717; Email: JPMorganPostSale@broadridge.com; Telephone: 1-212-834-4533; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department; Email: prospectus@morganstanley.com; Telephone: 1-866-718-1649.

The securities will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as ‘MFC’ on the Toronto, New York, and Philippine stock exchanges, and under ‘945’ on the Hong Kong stock exchange.

Media Relations:

Fiona McLean

Manulife

437-441-7491

fiona_mclean@manulife.com

Investor Relations:

Derek Theobalds

Manulife

416-254-1774

derek_theobalds@manulife.com

Royal Caribbean Group Declares Dividend

MIAMI, Sept. 1, 2026 /PRNewswire/ — The Board of Directors of Royal Caribbean Group (NYSE: RCL) today declared a quarterly dividend of $1.50 per common share payable on October 8, 2026, to shareholders of record at the close of business on September 17, 2026. 

About Royal Caribbean Group

Royal Caribbean Group is a leading global vacation company spanning cruise, one-of-a-kind destinations, and land-based vacation experiences. The company operates 71 ships sailing to more than 1,000 destinations across all seven continents through its three wholly owned brands – Royal Caribbean, Celebrity Cruises, and Silversea – and a 50% joint venture interest in TUI Cruises, which operates the Mein Schiff and Hapag-Lloyd brands.

The Group is expanding its portfolio of private destinations through its Perfect Day and Royal Beach Club collections, and the company will enter river cruising in 2027 with Celebrity River Cruises. Powered by innovative brands, advanced technology, and an industry-leading loyalty program, the company has built a connected vacation ecosystem, turning the vacation of a lifetime into a lifetime of vacations.

Named to the Fortune World’s Most Admired Companies 2026 list and to Forbes’ 2026 Best American Companies lists, Royal Caribbean Group is guided by its mission to deliver the best vacations responsibly. For more information, visit royalcaribbeangroup.com. 

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Shell to more than double US company-owned convenience retail sites with acquisition of Tri Star Energy

HOUSTON, Sept. 1, 2026 /PRNewswire/ — Equilon Enterprises LLC, doing business as Shell Oil Products US (Shell), has signed an agreement to increase its equity from 33% to 100% in Tri Star Energy, LLC, a convenience store operator and fuel distributor operating across the southeastern United States and anchored in the Nashville market. The acquisition makes Shell the full owner of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states, as well as supply agreements with 552 more dealer-owned locations.

“Tri Star has built a strong business with high-quality assets, a dedicated team and a loyal customer base. The transaction is fully aligned with our growth strategy to focus capital on businesses in which we have distinctive advantages and can create long-term shareholder value,” said Machteld de Haan, President of Downstream, Renewables and Energy Solutions, Shell plc.

Shell already has the largest branded fuel network in the US, with approximately 12,000 primarily wholesaler- and dealer-owned fuel and convenience retail sites across 49 states serving more than 7 million customers daily. This acquisition significantly strengthens its company-owned presence in the US.

The investment is in line with Shell’s strategy to reallocate capital from lower-return areas to businesses and markets where the company has proven it can deliver strong performance and has clear competitive advantages, as announced at its Capital Markets Day in 2025. Shell stated that 80% of its growth cash capex in the Mobility & Convenience business will be spent in 10 key markets, such as the US, where it generates the majority of its cash flow.

The deal is expected to be completed by the end of 2026, subject to regulatory clearance and the satisfaction of closing conditions.

Notes to editors 

• Shell is acquiring the remaining interest in Tri Star Energy from The Parman Corporation, Kimbro Oil Company, and their subsidiaries.
• Once the acquisition is complete, Tri Star Energy will be operated by Texas Petroleum Group, LLC, a wholly owned subsidiary of Shell Mobility & Convenience US LLC (SMC). SMC’s portfolio will consist of nearly 550 company-owned convenience retail sites and supply agreements with approximately 650 dealer-owned sites across the southern US.
• The acquisition is projected to generate an internal rate of return above the hurdle rate set for Shell’s marketing business.
• With a long history in the US, Shell is delivering secure energy supplies and meeting the evolving needs of customers today and into the future.
• Globally, Shell and its affiliates serve around 29 million customers per day at Shell-branded mobility sites, who visit for quality fuels, electric vehicle charging, and convenience and non-fuel products and services.

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference 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 press release refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties.  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 press release 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”; “aspire”, “aspiration”, ”believe”; “commit”; “commitment”; ”could”; “desire”; ”estimate”; ”expect”; ”goals”; ”intend”; ”may”; “milestones”; ”objectives”; ”outlook”; ”plan”; ”probably”; ”project”; ”risks”; “schedule”; ”seek”; ”should”; ”target”; “vision”; ”will”; “would” 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 press release, 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, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) 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 press release 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, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader.  Each forward-looking statement speaks only as of the date of this press release, September 1, 2026. 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 press release.

Shell’s net carbon intensity

Also, in this press release we may refer to Shell’s “net carbon intensity” (NCI), 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’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI 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 and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks 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 press release may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. 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.

The contents of websites referred to in this press release do not form part of this press release.

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

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