Europe’s biggest oil major, Shell PLC, secretly ditched its plan to spend $100 million a year on carbon credits, which is the largest offset program among corporations, after 6 months its new chief executive officer Wael Sawan took office.

In June, Sawan announced a major shift in Shell’s strategy – to maintain its current level of oil production until 2030, not to reduce it as initially declared, while reducing costs and increasing shareholders profits.

What the CEO missed to reveal at the time is the energy giant’s plans for investing in carbon credit projects. These credits are part of Shell’s offsetting program in line with its 2050 net zero emissions goal.