Thx. I’m new to carbon world, coming from regulated water, so still forming my opinions of VCM. My basic frame tho is that given it’s voluntary and a majority of global companies are *not* participating in offsets or ESG or emissions reductions at all, $30M/yr from Shell is a lot better than $0.

Sure, on the margin and in isolation I'd agree with that. But the goal isn't to get everyone to buy offsets; it's to get emissions to near-zero levels, which by definition carbon offset credits based on avoided emissions claims cannot support. (That flavor dominates the market.)