Increase in pay package comes despite fall in profits and as oil company waters down pledge to cut emissions

The oil company Shell has revealed plans to hand bigger payouts to its chief executive and shareholders – by pumping more oil and gas and halving its green spending.

Europe’s largest oil and gas producer will hand its chief executive, Wael Sawan, a package worth £8.6m for last year, from £7.9m in 2023. The pay hike, labelled “obscene” by green campaigners, was awarded after Sawan scrapped Shell’s green targets in favour of a renewed focus on fossil fuels.