Shell Sells Canadian Oil Sands, Ties Bonuses to Emissions Cuts

Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $8.5 billion, the latest international oil major to withdraw from the costly projects, which are among the most carbon heavy.

Shell is trying to sell assets totaling $30 billion to cut debt following its $54 billion acquisition of BG Group and is under investor pressure to mitigate climate change risks.

As well as revealing the Canadian oil sands sale, Shell also said on Thursday that ten percent of directors' bonuses will now be tied to how well it manages greenhouse gas emissions in refining, chemical, and upstream.

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