Exactly. Shared bikes don't replace owned bikes. They replace cars.
I won't comment on how correct the study is, as I don't know, but if it's correct, that is a worse outcome, at least environmentally.
I would argue it's a better outcome for people, since they are taking trips that they want to take, but couldn't previously, or are taking trips in greater comfort and with greater speed than previously. That sounds like a win, and I'm not at all bothered by any environmental trade off there; it's not like it's putting more cars on the road.
>Substitution patterns reveal that personal e-scooters and e-bikes emit less CO2 than the transport modes they replace, while shared e-scooters and e-bikes emit more CO2 than the transport modes they replace.