So I would say, look back at our one from last year. So from 2021, and you’ll get a very good indication of that. What I would say as well, of course, is that we want consistency. That’s the main thing. We have so many different regulations and rules that are coming, whether it’s from the U.S., whether it’s from the EU, whether it’s coming from the U.K., or a benefit to all of us is to have standardization, transparency where we all use the same definitions. And we’re very keen to do that as an industry. Of course, what we’ve said before, and I described it this morning several times as well, was the fact that if you were to look at our CapEx and our OpEx together, we would say that 1/3 of that approximately at the moment is spent on low-carbon or zero-carbon investments or expenditure as well.
Wael Sawan: Thanks for that, Sinead. Michele, to your question around gas markets. When asked this morning in both CNBC and Bloomberg, my answer was the same that we are not out of the energy crisis in Europe. Far from, I think. And I would agree with your point that there seems to be some who feel that it’s all back to normal. This is, I think, a multiyear energy crisis, and we want to have to collectively figure out how we address that. Why do I say that? I think just looking at some of the facts. So last year, what happened with Russia was roughly 2.5% of global gas demand was taken out because of the reduction in gas supplies from Russia into Europe. That caused havoc in the markets, as you know well. What supported or what bridged the gap, of course, LNG played an important role.
Mild weather played an important draw, and critically, demand destruction also played an important role. Let’s take the first one. There isn’t a huge amount of LNG coming into the market over the next 2 years. It’s around 20 million tonnes is what we see, but that’s about it. And that one shouldn’t also forget that many of these machines have been running hard now for a good year. And you’re beginning to see some of the challenges in just the reliability of the machines around the world. So that’s an issue. The second issue, of course, is that China was the one that diverted roughly 50% of its LNG to come here to Europe or 50% of Europe’s needs was met with diverted LNG cargoes from China. That might change or is likely to change given where things are going with the recovery — the economic recovery in China.
So you look at that, you don’t want to be in a position to be depending on the weather as your savior or the fact that you’re going to destroy more demand. And so I do think this is a multiyear issue. We’ve been very vocal with governments here in Europe that we’re going to have to move faster. What the Shell do as a result of this, of course, our portfolio has typically been positioned for Northern Hemisphere winters. That’s where we typically have our . We, of course, work on significant support in storage this year — or last year, sorry, we invested in storage in Germany and in Austria, which was part of where we used our working capital, for example. We’re investing in projects right now. We have Pierce depressurization that’s coming on stream in Penguins in the U.K. So we have a lot of opportunities to be able to supply the market and, of course, create value through the tremendous portfolio that we have in LNG.
Thank you for the question, Michele.
Operator: The next question is from Christyan Malek at JPMorgan.
