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The California Carbon Offset futures contract is a newly-listed product on the Intercontinental Exchange and enables trading in California Carbon Offsets, which represent reductions in Greenhouse Gas (GHG) emissions under California’s Cap-and-Trade program. SENA is proud to have been part of the transaction for December 2021 delivery of California Carbon Offsets.    

"The first trade of California offset futures is an important milestone in the progression of the California Cap-and-Trade program," commented Bill McGrath, Global Environmental Products General Manager for Shell Energy Europe Limited.  "As a global environmental products business, we are very pleased that SENA has the opportunity to be a part of the launch of a product designed to increase liquidity and price transparency in the California offset program."

Engagement in the futures market for California-compliant offsets is a continuation of SENA’s commitment to market-based solutions to help address climate change.


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About SENA and the Shell Energy Marketing & Trading global Environmental Products business

Shell Energy North America (U.S.), L.P. is part of the global Shell Energy Marketing & Trading business unit under the global Shell Energy brand.  The Environmental Products business operates globally through regional Shell group* affiliates to help deliver environmental solutions which enable customers to manage their own local and regional GHG compliance obligations. It also supplies a variety of high-quality voluntary carbon offset solutions to meet the needs of its customers who made a strategic decision to reduce or eliminate their net carbon footprint. 

The Environmental Products business is a global provider of energy products and services and is an industry leader in providing more and cleaner energy.  The Environmental Products business offtakes, trades, markets and optimizes environmental products to meet customers’ current and future needs using skills that have been acquired over years of participation in national and regional markets, some of which the business helped shape through early market participation. 

The Shell Energy Marketing & Trading business develops markets to drive increased demand for LNG, natural gas, power and environmental products to meet our suppliers’ and customers’ current and future energy needs. Its people across 30 locations bring decades of marketing and trading experience, a wealth of market knowledge, and deep understanding of the supply chain to innovate and develop tailored energy solutions for our customers.


Note to Editors:

California’s Cap-and-Trade program launched January 1, 2012 and is intended to reduce GHG emissions by placing a cap on the total amount of GHGs emitted each year from specified sources.  The cap declines annually under the program. Covered entities with business in California can respond to the declining cap by reducing their own emissions, or by purchasing allowances and offsets from other firms or projects.  The result is a reduction in GHG emissions with the flexibility for covered entities to employ the lowest cost reduction options.

Cautionary note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch 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 announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. 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. 

This announcement 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 Royal Dutch 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 Royal Dutch 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’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, 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; (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, fiscal and regulatory developments including 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; and (m) 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 announcement 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 Royal Dutch Shell’s Form 20-F for the year ended December 31, 2017 (available at and ). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, April 8, 2019. Neither Royal Dutch 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 announcement.

This announcement may contain references to Shell’s website. These references are for the readers’ convenience only. Shell is not incorporating by reference any information posted on

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website 



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