Climate Change & Energy Transition Risks: Shell faces significant risks from evolving climate policies, carbon pricing mechanisms, and the global shift towards lower-carbon energy sources, impacting demand for its traditional products and the profitability of its transition investments.

Oil & Gas Price Volatility Risks: Fluctuations in global crude oil and natural gas prices, driven by supply and demand imbalances, geopolitical events, and economic conditions, directly affect Shell's revenue, profitability, and investment decisions.

Geopolitical & Operational Risks: Shell's global operations are exposed to political instability, conflicts, expropriation risks, and disruptions in key regions, which can impact production, supply chains, and project development.