Energy giant Shell has released its 2025 Report on Payments to Governments, detailing billions tied to extractive operations in 26 countries and underscoring the growing push to frame itself as a major contributor to public finances during the global energy transition.

 

The report consolidates payments made by Shell plc and its subsidiaries under the UK’s Reports on Payments to Governments Regulations 2014. The filing covers extractive activities and includes only payments equal to or above the £86,000 reporting threshold.

 

At the same time, Shell released its Climate and Energy Transition Lobbying Report 2025, offering an update on the company’s climate and energy-related lobbying efforts over the past year.

 

In a key figure likely to fuel debate around corporate taxation in the energy sector, Shell said its effective tax rate for 2025 stood at 39% — nearly double the 20.5% average country effective tax rate reported in OECD data.

 

“Today, Shell publishes its 2025 Report on Payments to Governments,” the company said in the release. “This report provides a consolidated overview of the payments made to governments by Shell plc and its subsidiary undertakings (Shell) for the year 2025.”

 

The company added that the report “only covers extractive activities and payments equal to or above the £86,000 or equivalent materiality threshold, resulting in payments made to governments in 26 countries being included.”

 

Shell also pointed to mounting scrutiny around corporate climate influence, saying the lobbying report “gives an update on our direct and indirect climate and energy transition-related advocacy in 2025.”

 

The disclosures arrive as global oil majors face increasing investor and regulatory pressure over transparency, emissions targets and the pace of the energy transition, while continuing to navigate volatile oil prices, geopolitical instability and climate-related risks.

 

In an extensive cautionary statement accompanying the release, Shell warned that future performance could be affected by factors ranging from crude oil price swings and weakening demand to regulatory crackdowns, sanctions, cyberattacks and geopolitical conflicts including the Russia-Ukraine war and tensions in the Middle East.

 

The company also reiterated uncertainty around its long-term climate ambitions, acknowledging that its 2050 net-zero emissions target remains outside its current planning horizon.

 

“However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target,” the company said.

 

Shell’s filing further stressed that references to the group’s “net carbon intensity” include not only emissions from its own operations, but also emissions linked to suppliers, customers and third-party energy products sold by the company.

 

The reports form part of a broader transparency drive by the London-headquartered energy major as governments and investors demand greater accountability from fossil fuel producers navigating the shift toward cleaner energy.