Paris, France. Today, oil giant Total announced staggering second quarter profits of $5.7 billion to shareholders. This follows last week’s revelation that the vast wealth captured by petrostates and fossil fuel companies since 1970 is $52 trillion or $2.8 billion per day, providing the power to “buy every politician, every system” and delay action on the climate crisis according to the author of this groundbreaking analysis.
The oil giant is responsible for some of the most destructive fossil fuel projects on the planet, including the controversial East Africa Crude Oil Pipeline and fracking across Vaca Muerta, Argentina. This announcement shines a spotlight on the moral bankruptcy and danger posed by oil majors – these corporations are ruthlessly profiteering off war in Ukraine, at a time when tens of millions of people are currently suffering from the combined impacts of the climate crisis and the cost of living scandal.
Despite European governments calling for an end to fossil fuel expansion in the global South and the International Energy Agency demanding an end to new fossil fuel investments, Total is currently leading a dash for gas in Africa, recently securing billion dollar deals in Algeria and South Africa to extract and burn more fossil fuels from the continent. Total’s planned operations will be devastating for people and the planet – their actions will benefit a handful of wealthy shareholders at huge cost to local communities and the climate.
It is vital that we stop the flow of money to reckless fossil fuel companies like Total.
Clémence Dubois, Lead France campaigner at 350.org:
“On the one hand, from one hemisphere to the other, we are dying from unprecedented heatwaves, fires and flooding. On the other hand, Total, the worst French multinational corporation in terms of greenhouse gas emissions, intends to use these new record profits to develop new oil and gas projects. The intensification of climate impacts across the globe is no accident, it is precisely the manifestation of the unlimited greed of the fossil fuel industry. Public authorities need to seize those billions to accelerate a just transition to affordable clean energy, warm homes, and security from climate impacts for all. Our politicians and decision-makers must not allow the fossil fuel industry to dictate the economic and political agenda for its own benefit. Total knew, Total lied, and Total, like its peers in the oil industry, must pay and be held accountable.”
Omar Elmawi, Coordinator of Stop EACOP:
“It is appalling that Total Energies continues to rake in obscene profits at the expense of people and the planet, more so in Africa, the continent most vulnerable to climate change. One of the firm’s biggest projects in Africa, the proposed East African Crude Oil Pipeline (EACOP) and associated oil fields is facing sustained resistance locally and globally due to the threat it poses to communities and their livelihoods as well as expected negative impacts on the environment and sensitive ecosystems in Uganda and Tanzania. We can stop EACOP and the wave of destruction it is set to leave in its wake, if we stop the flow of finance to Total. We call on financial institutions not to support Total in this damaging project.”
Kate Cahoon, Senior Germany Campaigner at 350:
“Despite claiming to be a leader in sustainability, Deutsche Bank has pumped more than 1.8 billion euros into Total since the Paris Agreement was signed in 2015. Deutsche Bank and its shareholders are generating record profits by financing chaos and destruction by bankrolling oil giants like Total – a company that is profiteering from fossil fuel extraction and devastating projects in the Global South. The climate movement is exposing the neocolonial business model of fossil fuel companies and pressuring institutions to cut their dangerous support for the fossil fuel sector by cutting fossil finance. Thanks to growing public pressure, Deutsche Bank recently distanced itself from the mega pipeline project EACOP in Tanzania and Uganda. This is a welcome first step, but as today’s announcement highlights, banks need to cut Total off from funding entirely.”
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Media contact: Mark Raven at 350.org, +447841474125, [email protected]