* Climate accord will not hit reserve valuations, boss tellsnewspaper
* Shell expects to produce all currently listed reserves
* Energy giant plans no change to dividend policy
AMSTERDAM, Nov 26 (Reuters) - Royal Dutch Shell expects to pump out all the fossil fuel reserves listed on itsbalance sheet, its chief executive said, dismissing concernsthat production limits in the wake of the Paris climate accordcould hit the energy giant's valuation.
In an interview with Dutch newspaper Het FinancieeleDagblad, Ben van Beurden said the issue of "stranded" reserves -deposits in the ground that cannot be used because of carbonemissions limitations - would have no impact on balance sheets.
"The company is valued on producable reserves that we canproduce in the next 12 or 13 years," he said. "We shouldcertainly be able to produce those under any climate outcome.Even if global temperatures can only rise by 2 degrees."
The Paris Climate Agreement, which came into force thismonth, commits almost 200 countries, including China, the UnitedStates and the European Union, to limiting temperature increasesto 2 degrees and weaning the world economy off fossil fuels.
The Anglo-Dutch energy giant, the world's third largest bymarket capitalisation, has bet heavily on a lower-carbon future,with investments in wind and renewables capped by the $50billion acquisition of British Gas in February.
Van Beurden was also sceptical that revaluation of reservesafter the climate deal could trigger a financial shock, sayingthat the oil price's collapse from $120 to $30 a barrel showedthe industry's ability to weather much larger shocks.
"Each $10 fall costs us $5 billion in cash a year," he said."The fact that over the coming few decades we are transitioning,in a more or less ordered way, to a low-carbon society is lessdraconian than what we've seen over the past two years."
He also told the newspaper that there would be no changes toShell's dividend policy, even though pay-outs at the currentlevel outstripped the company's cash flow. "(Shareholders) wanta stable dividend. We must be seen as reliable," he said.
Even with oil at $47 a barrel, the company could makeadequate investments with current dividend levels, he said,adding that only a slight increase in demand could send pricesup again, since even at the peak of U.S. shale production, therewas only a 2 percent global surplus. (Reporting by Thomas Escritt; Editing by Alexander Smith)
